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Indian Reserve Bank Cancels Current Account Withdrawal Limits

© AFP 2021 / Noah SEELAMAn Indian visitor (R) receives cash from a bank employee after withdrawing money from his bank account with his Aadhaar or Unique Identification (UID) card during a Digi Dhan Mela, held to promote digital payment, in Hyderabad on January 18, 2017
An Indian visitor (R) receives cash from a bank employee after withdrawing money from his bank account with his Aadhaar or Unique Identification (UID) card during a Digi Dhan Mela, held to promote digital payment, in Hyderabad on January 18, 2017 - Sputnik International
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Bank customers in India will be able to again use cash machines without restrictions starting from February 1, while withdrawal limits of $353 per week on savings accounts remain in place, according to the statement of Reserve Bank of India.

In this photograph taken on November 16, 2016, bank correspondent Mohammad Imran helps a villager to take his thumb print on a mobile banking machine in Basendua village in Bulandshahr, in northern Uttar Pradesh state - Sputnik International
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NEW DELHI (Sputnik) — The Reserve Bank of India on Monday said it lifted most cash withdrawal limits on current accounts previously imposed as part of the government's demonetization reform in a drive against corruption and the shadow economy.

"On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under… [limits] on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts stand withdrawn with immediate effect," the bank said in a statement.

Bank customers will be able to again use cash machines without restrictions starting from February 1, while withdrawal limits of $353 per week on savings accounts remain in place.

A customer deposits 1000 and 500 Indian rupee banknotes in a cash deposit machine at bank in Mumbai, India, November 8, 2016 - Sputnik International
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The Reserve Bank, which is India's central banking institution, also recommended Indian banks to promote the transition to cashless operations.

The currency reform, aimed at fighting corruption, the shadow economy, forgery and terrorism, started in November 2016. The cash crunch meant that banknotes with the largest nominal values of 500 and 1000 rupees (about $8 and $15) were rapidly withdrawn from circulation with some eligible to be exchanged for new notes and the rest to be deposited in bank accounts subject to withdrawal limits. A number of opposition parties have expressed their disagreement with the way the reform had been implemented.

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