Why restrictions still there on cash withdrawal, Chidambaram questions govt

P Chidambaram on Saturday targeted Prime Minister Narendra Modi, asking ‘why restrictions continued on withdrawing money’ despite the end of demonetisation deadline.
Chidambaram
India TV Politics Desk New Delhi December 31, 2016 11:13 IST

A day after RBI relaxed the daily ATM withdrawal limit to Rs 4,500 from the earlier cap of Rs 2,500, former finance minister P Chidambaram on Saturday targeted Prime Minister Narendra Modi, asking ‘why restrictions continued on withdrawing money’ despite the end of demonetisation deadline.

In a tweet, Chidambaram asked: "PM (Prime Minister) asked for forbearance until December 30. That is over. Why are restrictions on withdrawing money continuing?"

"Will all ATMs be functional and have sufficient cash from Jan 2? If not, why not?"

"Will there be no demand hereafter for black money capitation fee for admission to medical and engineering colleges," he asked.

"Will no bribes be given or taken after Jan 2?"

Earlier on Friday, the RBI said in a notification: “On a review of the position, the daily limit of withdrawal from ATMs has been increased with effect from January 1, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card.”

The RBI further said "there is no change in weekly withdrawal limits", which remains at Rs 24,000.

Prime Minister Narendra Modi announced the scrapping of high-denomination currency notes on November 8, and subsequently sought 50 days to put things in order.

 

(With IANS inputs)

 

Related Tags: Cash Crunch
 
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