Tuesday, February 21st, 2017
People in India suffered a lot for more than two months, after demonetization. There were withdrawal limits set for the savings account. Rs. 4000 was allowed to withdraw in a week, after demonetization of Rs. 500 and Rs. 1000 notes. Later, the withdrawal limit had been raised to Rs. 24,000 / week. Now, it has been doubled and the limit is set up to Rs. 50, 000 / week. From 20th February, people can withdraw Rs. 50, 000 and it will be completely relaxed from March 13th and there will not be any regulations for the withdrawal from Savings account, announced the Reserve Bank of India. Instead of old 500 and 1000 notes, the RBI has introduced new 500 and 2000 rupee notes in order to eradicate the piracy and black money.
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