To Ease Payment Of Wages, Current Account Withdrawal Limit Hiked
The government has announced new measures on Monday to ease the cash crunch faced by people after its decision last week to abolish large denomination notes to try and uncover crores of rupees in undeclared wealth.
The government will install new micro cash machines across the country and has asked banks to waive off transaction charges on debit and credit cards, Economic Affairs Secretary Shaktikanta Das told reporters.
Mr Das said the government would also raise the cash withdrawal limit of at least three-month old current accounts to Rs 50,000 per week.
"The government got a lot of representations from small businesses that they were finding it difficult to disburse wages to their workers and they are finding it difficult to make sundry payments. The limit for business entities having current accounts, which are operational for at least past three months, has been increased to Rs 50,000 per week," Mr Das said.
A current account is a type of bank account that caters to businesses. This account does not limit the number of transactions in a day.
The government had also yesterday announced a hike in cash withdrawal limit from ordinary savings account and ATMs. The weekly limit of Rs 20,000 for cash withdrawal from savings bank accounts has been increased to Rs 24,000. The limit of Rs 10,000 per day for cash withdrawal from bank accounts has been removed.
ATM withdrawal limit has also been hiked to Rs 2,500 from Rs 2,000 per day per card.
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