The RBI in its latest update has said on Monday that that banks have exchanged and got deposits of nearly 5.5 lakh crore in scrapped notes of 500/1,000 denominations. And the banks have disbursed Rs 1.03 lakh crore via ATMs and over the counter between November 10 and November 18, said RBI.
In the latest guidelines RBI said that, “maximum of Rs 2.5 lakh can be withdrawn from the bank deposit accounts till December 30 out of the balances at credit in the account as at close of business on November 08, 2016.” The RBI also said that “since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.”
The RBI however said that “banks should encourage families to incur wedding expenses through non-cash means viz. cheques /drafts, credit/debit cards, prepaid cards, mobile transfers, internet banking channels NEFT/RTGS, etc.”
