December 30th is the deadline put by Prime Minister Narendra Modi to deposit old 500 and 1000 notes. Due to lakh of new currency notes, there are restrictions on withdrawal of cash from banks and ATMs. Apparently, cash crunch will be continued beyond December 30 as currency printing presses and Reserve Bank of India (RBI) have not been able to keep pace with the demand for new currency notes.
Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to the cash crunch and are rationing the valid currency depending on cash availability.
At a time when banks are struggling to meet the demand of individual customers, it would be impossible to service big corporates which require cash in large quantity, the practical way would be to relax it gradually.
In all likelihood the restriction on withdrawal would continue for some more time in the best interest of banks as well as customers at large, said All India Bank Officers' Confederation (AIBOC) General Secretary Harvinder Singh.
The situation of currency supply is known to everyone and it would be difficult to lift the limit from January 2, Singh said, adding that SME and small businesses are waiting for the cap to go so that they can withdraw as per their requirement.
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