Monetary Policy: No cash withdrawal limits from March 13

While reviewing the sixth bi-monthly monetary policy, the six-member Monetary Policy Committee (MPC), headed by RBI Governor, Urjit Patel, in its press conference on Wednesday, announced that there would be no limit on cash withdrawal from ATMs after March 13, 2017, a factor which was put in place from November 9, 2016, and is effective till date across changing slabs of the limit imposed as the demonetisation drive progressed. 
 
However, for savings account, the RBI will increase the withdrawal limit to Rs 50,000 per week from the current Rs 24,000 limit from February 20, 2017. 
 
R. Gandhi, the Deputy Governor of RBI, revealed that the notes in circulation as on January 27 were of the amount of Rs 9.91 lakh crore. He also said that the fake notes are not a real concern currently. 
 
This is RBI's second monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes, wherein Urjit Patel stated that assessing economic conditions for short term is difficult due to demonetisation. 
 
This will be a welcome move in a nation harbouring diverse personalities across various strata of society, wherein the PM's vision of a cashless economy does not seem to go down well with the masses, and the people continue to be cash hungry and digitally illiterate.