RBI rejects EC’s plea for raising cash-withdrawal limit

The Reserve Bank of India (RBI) has rejected the request of the Election Commission to enhance the weekly cash-withdrawal limit, imposed after demonetisation, for those contesting Assembly elections in five states, prompting an angry reaction from the poll panel.

The Commission had on Wednesday requested RBI to enhance the withdrawal limit of candidates to Rs 2 lakh from Rs 24,000 per week imposed post demonetisation as the nominees would find it difficult to meet their campaign expenditure.

But RBI said that it was not possible for it to hike the limit at this stage.