RBI vide its notification dated November 28,2016, announced that the general public is allowed withdrawal of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. The amount of cash will be made available preferably in higher denominations (₹ 2000 and ₹ 500/-) for such withdrawals.
RBI communiqué says that the above decision was taken on the basis of information that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
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