bank accounts: It wasn't clear how long the limits would be in place, according to The Japan Times. In a surprise announcement Nov. 8, Prime Minister Narendra Modi said India was withdrawing 500- and 100-rupee bills as legal tender in order to crack down on tax evasion and corruption. According to a statement from the central bank late Friday, the daily limit on ATM withdrawals will go up to 4,500 rupees 66 from 2,500 37 rupees, but the weekly cap on withdrawals from bank accounts will remain at 24,000 rupees Saturday onwards. He also said the move was intended to push India away from its massive dependence on paper money toward digital transactions. The prime minister was slated to make a televised New Year's Eve address later Saturday, and there are expectations he will talk about measures that will follow the country's demonetization drive. The deadline for exchanging or depositing the old currency in bank accounts passed Friday.
(news.financializer.com). As
reported in the news.
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