Rs. 4,500 Can Now Be Withdrawn, Says RBI: Good Or Just Another Source Of Tension To Us?

Demonetization.

The word that has left the entire country at a standstill of sorts, with people having had to struggle with getting by even the most menial of purchases with immense difficulty.

Till almost a couple of days ago, I would see long, long lines stretched out in front of various banks, on my way to office.

I myself have stood multiple times in such lines just to get a little bit of cash or deposit and change my existing one.

All so I can at least go about my daily activity like travelling to work, having a bit of money for any emergency or for the normal purchases for home.

But all that is personal, I also saw how difficult it was for many people all over India, who were not as privileged as some of us to have the ease of a bank account, online payments and more.

rbi
Long lines such as this were common sight for these 50+ days

And more than 50 days after that life changing announcement made by our PM Modi, RBI has finally raised the cash limit that can be withdrawn from ATMs.

RBI Raised ATM Withdrawal Limit To Rs. 4,500

So since demonetization had come into action, there was a strict limit on how much you can deposit before having to pay tax which was 2.5 lakhs, how much you can exchange which went from Rs. 4,500 to 2,000 and how much you can withdraw from ATMs which was Rs. 2,500.

While the weekly ATM withdrawal limit is still set on the previously decided Rs. 24,000, it is this withdrawal limit from ATMs that has been raised from Rs. 2,500 to 4,500 which will be effective from January 1st, 2017.

And while the news seems to be a good one, as people will now be able to withdraw more money and won’t have to keep making trips to ATMs several times in a week, one has to wonder whether it won’t just result in more chaos and frustration for the general public.

rbi
Ahh…. this sign is just so familiar, isn’t it?

Wondering How Soon Will The ATMs Will Again Run Out Of Cash

Sure, it is great to hear that we will soon be able to withdraw a bit more money from ATMs.

But let’s be real, this is India, and good things are almost never in our favour it almost seems.

After learning of this news, I am just wondering how fast will the ATMs run out of cash and we will again have to either get in a line at a bank or wait for the next day.

Although maybe I am just being pessimistic. I have seen that for the past two days that the lines at several banks has gotten shorter and while ATMs are still out of cash, I hope that that scenario changes soon too.

Image Credits: Google Images


Other Recommendations:

Post Demonetization, India to Make a Move Towards Islamic Banking. Why?

Demonetisation Is Problematic But For Once Can The Opposition Stop With The Political Games?

LEAVE A REPLY

Please enter your comment!
Please enter your name here