Bankers are said to have advised the government that the cash restrictions should go only when there is a sufficient amount of bank notes in the system. Until and unless that happens, they (the government) cannot take away the restrictions. The moment they do this, everybody might rush to draw out a lot of money. That could compound the existing a problem.
Bankers tendered their advice following the government informally seeking their feedback on currency withdrawal and plans to lift cash curbs after December 30. At present, individuals can withdraw Rs 2,500 a day from ATMs and Rs 24,000 a week from their bank accounts. The government is expected to announce its decision on withdrawal curbs Friday.
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Bankers want cash restrictions to stay for some more time
By IndianMandarins - 2016-12-28 09:00:54
Bankers are said to have advised the government that the cash restrictions should go only when there is a sufficient amount of bank notes in the system. Until and unless that happens, they (the government) cannot take away the restrictions. The moment they do this, everybody might rush to draw out a lot of money. That could compound the existing a problem.
Bankers tendered their advice following the government informally seeking their feedback on currency withdrawal and plans to lift cash curbs after December 30. At present, individuals can withdraw Rs 2,500 a day from ATMs and Rs 24,000 a week from their bank accounts. The government is expected to announce its decision on withdrawal curbs Friday.
