Ever since Demonetization came into existence, the country got divided into two sections – One who are supporting Modi’s move others who were not very pleased by what Modi decided to do. With the introduction of Demonetization, there was also an implementation in the withdrawal limits from ATMs.
The figure, however, was very non-uniform in the beginning, it finally went on to be Stable at INR. 4,500 per Day. Whether Supporters or criticizers, both were facing a lot of trouble due to this limit. People faced problems in purchasing of daily items provided that not each of the store was accepting Digital Payment.
To everyone’s relief, the limit has finally been broadened by RBI. The withdrawing limit has now been increased from INR. 4,500 to INR 10,000 per day.
Jumping out of Joy? Well, you should be. Apart from the hike in ATM withdrawing limit, RBI also decided to increase the bank withdrawing limit to INR 1 Lakh per week. The Previous limit was INR 50,000 per week. So, it’s entirely right to say that things are getting back to normal. First with the decision to re-introduce Rs. 500 notes and now with these Hikes.
RBI also mentioned that these changes are not only restricted to current accounts but are also extended to cash credit account and overdraft account as well.
So, Looking at the Final picture, it’s entirely logical to say that Modi’s move was a wise and a well-planned movie. Yes, all of us faced troubles for a few days but provided that none of those problems matter anymore, now we have the option of Digital payments through various wallet apps in almost every small store along with normal cash option. Also, with the launch of Bhim wallet app, the things are slowly becoming more organized and Digital at the Same time. After all these days, what is your final thought on Demonetization? Do let us know in the comment section.