CA. M. Lakshmanan

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 till 24th November and through ATM Rs. 2,000/- per day from 11th November to 18th November and Rs. 4,000/- form 19th November.

While the account holder has got huge balance of accounted money in his account how can he be denied of withdrawal for his daily necessities, which vary from person to person and business to business.

For individuals, it may for important function such as marriage, birthday celebration etc., and for business people it may be for daily/weekly wages, lorry freight, day-to-day petty expenses etc., for which cash is a dare necessity.

There are lot of heads of expenses which are to be met with hard cash only and payment through other modes viz. credit/debit card, NEFT etc., cannot be imagined. The limit may be fixed on a percentage of the balance i.e. they should be allowed to withdraw at least 75% of the balance. Higher limit should be fixed for current accounts and business entities. It is notified that the revision of limits will be reviewed after 24th November. But it is too late.

It is the duty of the concerned officials to revise the limits immediately by understanding the practical difficulties of common man and small business entities for which the hard cash should be replenished in all Banks in war footing manner.

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3 responses to “Restriction on withdrawals from Bank & ATM to be relaxed immediately”

  1. CA. M. Lakshmanan says:

    Our special thanks are due to our Honourable PM for having raised the limit to Rs. 50,000/- per week for withdrawals from Current Account from 14.11.2016 onwards. After receipt of sufficient currency notes the limit is to be increased further immediately since business community requires hard cash for their day today expenses.

  2. CA. M. Lakshmanan says:

    I don’t understand what yo mean by Bank Note.
    The Govt. has relaxed a bit the limit of withdrawal on a single day from Rs. 10,000/- to Rs. 20,000/-, limit per week is increased from Rs. 20,000/- to Rs. 24,000/-, for exchange from Rs. 4,000/- to Rs. 4,500/- and for withdrawals from ATM form Rs. 2,000/- to Rs. 2,500/-. But this will not be sufficient for Business entities since they have to dispense large amount of cash for weekly wages, Lorry freight etc., For current accounts the limits should be increased immediately.

  3. Shrikant Patil says:

    please can you provide me some information
    What is difference by currency note & Bank note?

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