No limits on cash withdrawal from banks and ATMs

The limits on withdrawing cash from banks and ATMs end on Monday, four months after they were imposed following the demonetisation of old Rs 500 and Rs 1,000 notes, which created a currency shortage across the country.

Ever since the government's surprise move to ban the high-value notes on November 8, the Reserve Bank of India (RBI) has been gradually relaxing the limits.

Last month, the central bank had issued a notification saying that the withdrawal limit of cash from savings bank accounts will be relaxed to Rs 50,000 from February 20 and there would be no restrictions from March 13.

However, India's leading private banks—HDFC, ICICI, Axis—have decided to charge Rs 150 for cash deposits and withdrawals after four free transactions in a month.

These charges were stopped briefly after the government scrapped the high-value notes in November.

HDFC, ICICI and Axis banks will calculate the fee – aimed at reducing cash dealings – at the rate of Rs 5 for every Rs 1,000 transacted or Rs 150, whichever is lower.

HDFC and ICICI sources said the fees will be applicable to transactions outside of home branches. Both banks define home branch differently, HDFC defines it as the branch where an account was opened while ICICI defines it as any branch within the city of the account.

On the fake new currency notes, Gandhi had said the recent ones that have come to notice are photocopies of currency which can be easily identified by the common man.

The new notes have enhanced security and design features, and are not easy to copy, he said.

PNB Rs 13,000 crore fraud: Mehul Choksi writes to CBI again

New Delhi: Responding to the fresh set of summons sent by Central Bureau of Investigation (CBI), absconding jeweller Mehul Choksi again wrote a letter...

How RBI is disposing of demonetised currency worth Rs 15.28 trillion

New Delhi: Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disp...

RBI issues corrective framework for PSBs

New Delhi: Amid the multiple scams unearthed recently in the banking sector, the Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PC...

No proposal under consideration to scrap Rs 2,000 note: Government

New Delhi: The government on Friday categorically said there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demoneti...