DCM (Plg) No.1323/10.27.00/2016-17
The Chairman / Managing
Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks
Central Co-operative Banks
Withdrawal of Legal Tender
Character of existing ? 500/- and ? 1000/- Bank Notes – Revisions
Please refer to our Circular No.DCM (Plg) No.1226/10.27.00/2016-17 dated
November 08, 2016 on the captioned subject.
2. On a review, certain
modifications have been brought in the limits for withdrawal from bank
accounts which are as under:
i. For farmers
Farmers may be allowed to draw
upto ? 25000/- per week in cash from their loan (including Kisan Credit
Card limit) or deposit accounts subject to their accounts being compliant
with the extant KYC norms.
ii. For traders registered with
APMC markets / mandis
At present all current account
holders are allowed to withdraw, in cash, ? 50,000/- in a week from their
current account subject to certain terms and conditions and the same is
being now extended to the traders registered with APMC markets/mandis. Such
traders will be permitted to draw up to ? 50,000/- from their current
accounts provided that such accounts are compliant with the extant KYC
norms and are operational for the last three months or more.
3. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager