Deposits, withdrawals, and purchases post-demonetisation: Who’s allowed to do what
After Prime Minister Narendra Modi announced the currency ban on November 8, there have been restrictions on withdrawals from ATMs, and on deposits of defunct notes in banks. However, the government has announced some exceptions in the 13 days that have passed since demonetisation was implemented.
Here’s a useful guide that will help you understand how much you can borrow or deposit, or in what circumstances you can still use the defunct notes.
What you can normally withdraw
Normally, you can only withdraw Rs 2000 on any given day from an ATM. If you’re depositing the demonetised notes, you need to mention your PAN card details if you’re depositing more than Rs 2.5 lak
Special withdrawal limit for marriages
Will wedding bells soon be ringing at home? If yes, take note: you can withdraw up to Rs 2.5 lakh in cash. But remember, you can only withdraw money from the credit balance “as of close of business on November 8.” And you can only use the cash you withdraw to pay people who don’t have bank accounts. What’s more, you’ll have to provide their names when you apply for permission for a special withdrawal.
There’s more. On your application, you need to mention the date of the wedding (which can’t be later than December 30), and the names, addresses, and identity documents of the bride and groom.
Special weekly withdrawal limits for current accounts, overdraft accounts, cash credit accounts
If you have a current account, an overdraft account or a cash credit account which has been operational for the last three months or more, you can withdraw up to Rs 50,000 per week.