• Thursday, December 08, 2022

Business

India to remove cash withdrawal limits

Rs 500 notes were taken out of circulation last November

By: Eastern Eye Staff

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said on Wednesday (8), as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped cash withdrawals after prime minister Narendra Modi’s shock decision in November to take all Rs 500 ($7.40) and Rs 1,000 notes out of circulation to deter tax-dodging – 86 per cent of the currency in the cash-reliant nation. The ensuing cash crunch saw long queues outside banks and ATMs, which ran dry within hours and left many without…

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