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Phased rollback of bank withdrawal limits

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The government is proposing a staggered relaxation of existing restrictions on cash withdrawals from banks after 30 December. This is aimed at smoothening the transition as the Reserve Bank of India (RBI) supplies new notes to replace the Rs500 and Rs1,000 notes withdrawn after demonetization, said a person familiar with the development. The withdrawal limit for an individual at present is Rs24,000 per week from a bank and Rs2,500 per day from an ATM. Separately, finance minister Arun Jaitley said robust revenue collections and winter crop sowing suggest that the 50-day demonetization exercise had benefited the economy. He said there has been an increase in both indirect and direct tax receipts. For the eight months ended November, central indirect tax receipts have risen 26.2% and direct tax receipts 13.6%. If this trend continues, then the revised estimates for tax collection this fiscal will exceed estimates in the 2016-17 budget.
Mint New Delhi,30th Delhi 2016

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