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Cash crunch to continue into New year- Finance Ministry
"We still need time to remonetize the banks and hence need controlled cash disbursal from the banks", said a senior Finance Ministry official.
While the exchanging of notes would end by December 30th, everyone felt that enough cash can be withdrawn from the ATMs bringing down the existing limit- Rs. 2500 per day. But the government said that the withdraw limits would still continue even in the new year.
According to the finance ministry sources, there could be a marginal increase in the limit of cash withdrawal.
As per the last RBI official data, 11.8 lakh crores of old notes have been deposited in banks, while 4 lakh crore new currency has been pumped in the system. But due to the short supply of the new notes, the banks are still unable to meet the weekly withdrawal limit due to short supply of new notes.
