RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
Weekly limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.
The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner
Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks. There is sufficient cash available with RBI and Banks.
One of the primary objectives of cancellation of legal tender character of old series of Rs.500/- and Rs.1000/- notes was to check the menace of terror financing through counterfeit currency notes
Probable Reasons as to why the new Rs. 2,000 notes are being issued and actions already being taken before demonetization:
Articles discusses recent Demonetisations of the Higher Denomination Notes (Rs. 500 and Rs. 1000) by Government of India – synopsis, consequence and duties
The present restriction on Cash Withdrawals either from ATM or from the Bank Cash counter is to be relaxed immediately taking cognizance of the untold misery of the common man and the small business entities. As of now one can withdraw Rs. 10,000/- only from Bank on a day subject to an overall limit of Rs. 20,000/- per week
The Vice Chairman of NITI Aayog, Dr. Arvind Panagariya has said that the crackdown on black money by demonetization will bring down the inflation.
