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<strong><br /></strong><ul><li><strong>Some relief for panic-stricken customers of Mumbai-based Punjab and Maharashtra Co-operative Bank. <br /></strong></li><li><strong>The Reserve Bank of India has allowed the customers to withdraw upto ₹10,000 over a period of six months.<br /></strong></li><li><strong>Earlier this week, the regulator had barred account holders from withdrawing over ₹1,000 in six months.<br /></strong></li></ul>Panic-stricken customers of Mumbai-based Punjab and Maharashtra Co-operative Bank get some relief from the regulator. The Reserve Bank of India (RBI) today allowed the customers to withdraw upto ₹10,000 over a period of six months. <br /><br />Earlier this week, the regulator barred account holders from withdrawing over ₹1,000 a day. However, a statement today said, “The Reserve Bank of India reviewed the financial position of the said bank and considers it necessary in the public interest to modify the aforesaid directions.” The regulator said that the decision was “in the interest of the depositors”. <br /><br />As per the earlier RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI. Today’s directive was silent about this ban on making loans imposed on the bank.<br /><br />Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2).<br /><br />The decision by the banking regulator was triggered by the under-reporting of loans by PMC, according to sources cited by the LiveMint<br /><br />As per the PMC Bank's latest Annual Report, it has deposits of over ₹11,617 crore and loans/outstandings of ₹8,383 crore.<br />

RBI allows PMC Bank customers to withdraw ₹10,000 over a period of six months from ₹1,000 earlier

In a huge relief to the common man, the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a> (RBI) removed <a href="http://www.businessinsider.in/searchresult.cms?query=withdrawal+limit&amp;sortorder=effectivedate">withdrawal restrictions</a> from <keyword id="1177491" type="UNKNOWN" weightage="20" keywordseo="current-accounts">current accounts</keyword> with effect from February 01. Till now, people could withdraw Rs 6,000 per day and Rs 1 lakh per week from current accounts.<br />
<br />
However, the withdrawal limit from savings accounts will continue, which can be removed soon.<br />
<br />
RBI stated banks can impose their own limits on <a href="http://www.businessinsider.in/searchresult.cms?query=atm&amp;sortorder=effectivedate">ATM</a> withdrawals.<br />
<br />

RBI removes withdrawal limit for current accounts;
banks can impose restrictions on ATM withdrawals

<p>ATM queues are set to get worse in Greece, with banks staying shut until Thursday.</p><p>Reuters is reporting that the head of the Greek Bank Association says banks will remain closed tomorrow and the day after, and banking sources say it they could remain shut until at least Friday.</p><div><div></div></div><p class="embed-spacer"></p><p>Greek announced a bank holiday on June 28 and banks have been shut ever since, with capital controls allowing people to only withdraw up to&#xa0;€60 (£42.5, $66) per day from ATMs.&#xa0;</p><p><a href="http://uk.businessinsider.com/greek-prime-minister-quits-2015-7">Outgoing finance minister Yanis Varoufakis</a> said he hoped to have banks open as soon as Tuesday, but that always looked hugely ambitious.&#xa0;</p><p><span>After meeting with the finance ministry and banking representatives &#xa0;on Monday, Reuters reports that Louka Katseli, chair of the National Bank of Greece, said:&#xa0;<span>"We decided to extend the bank holiday by two days - Tuesday and Wednesday."&#xa0;</span></span></p><div><div></div></div><p class="embed-spacer"></p><p><span><span>Greece could also cut cash withdrawal limits, <a href="http://www.businessinsider.com/greece-votes-no-banks-will-not-open-monday-and-atm-limits-reduced-2015-7">according to&#xa0;IHS Global Insight's senior economist&#xa0;</a></span></span><a href="http://www.businessinsider.com/greece-votes-no-banks-will-not-open-monday-and-atm-limits-reduced-2015-7">Diego Iscaro</a>. Greek banks have effectively been on life support,&#xa0;relying on Emergency Liquidity Assistance (ELA) from the European Central Bank (ECB) to keep ATMs full, but the ECB has so far not extended any more help following Sunday's resounding "No" from Greece on current bailout proposals.</p><p>Some people expect the limit to be cut to just €20 (£14, $22) a day. Not only would this be tough for Greeks to survive on, they <a href="http://uk.businessinsider.com/greece-update-greek-atms-will-be-empty-on-monday-2015-7">may not even be able to get it</a> - many ATMs in crowded urban areas are <a href="http://uk.businessinsider.com/greek-atm-limit-now-only-50-not-60-on-capital-controls-2015-6">apparently almost completely out of €20 and €10 notes</a>.</p><div><div></div></div><p class="embed-spacer"></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/prevent-blisters-jogging-running-shoes-sneakers-athletic-shoelace-hole-2015-5">Someone figured out the purpose of the extra shoelace hole on your running shoes - and it will blow your mind</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNnMwdToPHeoBdqEnriXIBVrqyIR6er" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Greek banks are closed until Thursday and withdrawal limits stay at €60

<br /><ul><li><strong><keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has reduced the withdrawal limit from ₹40,000 to ₹20,000 per day to minimise fraudulent transactions and promote digital transactions.<br /></strong></li></ul><ul><li><strong>The lower limit will be effective from 31 October. <br /></strong></li></ul><ul><li><strong>The reduced limits are applicable on Classic and Maestro debit cards.</strong></li></ul>The largest commercial bank in India, State Bank of India (SBI), has cut down the withdrawal limit on ATM transactions for certain debit cards from ₹40,000 to ₹20,000 per day. The lower limit will be applicable from 31 October. The withdrawal limit has been imposed on Classic &amp; Maestro debit cards. However, the account holders with higher card variants can continue to benefit from the regular daily withdrawals.<br /><br />The average cash withdrawals from ATMs per card have been examined to be less than ₹20,000 a day and the lower limit will help in checking frauds and promote digital transactions.<br /><br />SBI alerted its account holders, the ones with the Classic and Maestro debit cards, regarding the reduction in the limits about a month ago. The users with Gold and Platinum cards will continue to enjoy higher withdrawal limits of ₹50,000 and ₹1 lakh a day, respectively. The bank has asked its customers to upgrade to the higher variants to enjoy higher ATM withdrawals.<br /><br />The <a href="https://www.sbi.co.in/">SBI</a> website had put out the following message on the website:<br /><br />“Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from ₹40,000 to ₹20,000 per day with effect from October 31.<br /><br />If you require higher daily cash withdrawal limit, please apply for a higher card variant.”<br /><br />The bank has initiated the lower limit to reduce fraudulent transactions and encourage cashless transactions. As reported by <a href="https://www.hindustantimes.com/business-news/sbi-halves-daily-atm-withdrawal-limit-to-rs-20k-for-certain-card-holders-from-october-31/story-qnfx5bBNW7oC1pyWgeUQYK.html">Hindustan Times</a>, the ATM transactions were analysed and it was found that majority of the frauds reported to the bank happened to be of ₹40,000 that is the maximum limit per day. The reduced withdrawal limit was picked to protect customers and encourage digital transactions, SBI Managing Director PK Gupta explained. <br /><br />As per <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-halves-daily-atm-cash-withdrawal-limit-to-rs-20000/articleshow/66021831.cms">reports</a>, multiple cases in the past saw a trend of stealing debit card PIN numbers via hidden cameras and electronic devices. The bank feels that the move will help to keep close check on fraudulent activities. <br /><br />However, enough are of the opinion that the debit card users are most prone to card frauds and the risk is not limited to ATMs. <br /><br />In India, the demand for cash continues to be high, despite the government promoting digital transactions. But, daily transactions have been reported to be of amounts lesser than ₹20,000, so this move should help to track frauds on ATM transactions.<br /><br />A large number of card users are to be impacted by the reduced limits since SBI’s Classic card holds a majority of its card portfolio. <br />

State Bank of India halves withdrawal limit at ATMs to ₹20,000 per day to prevent fraud

New Delhi, Mar 6 () Distress calls and long queues of customers were witnessed at various branches of Yes Bank after the Reserve Bank of India put a withdrawal limit of Rs 50,000 on Thursday, as the cash-starved private sector lender comes under moratorium for one month.<p> The bank's board has been superseded by RBI-appointed administrator Prashant Kumar, former deputy managing director and chief financial officer of State Bank of India.</p><p> On Thursday, the RBI in consultation with the Union government superseded the bank's board of directors due to serious deterioration in the bank's financial position.</p><p> "This has been done to quickly restore depositors' confidence in the bank, including by putting in place a scheme of reconstruction or amalgamation," the RBI said in a late-night communication on Thursday.</p><p> It also appointed Kumar as the bank's administrator under Section 36ACA (2) of the Banking Regulation Act, 1949.</p><p> A moratorium of 30 days has been imposed on the cash-strapped Yes Bank, restricting withdrawals up to Rs 50,000 per depositor.</p><p> While customers complained about net banking not working, many resorted to microblogging site Twitter to express anguish that they were not able to withdraw money, posting screenshots that they were getting "connection error".</p><p> One of the customers wrote on Twitter that he wants to close his savings account but "how can I do it online?".</p><p> "We are facing intermittent issues in net banking. Request you to please try after some time," Yes Bank said in response to the tweet.</p><p> The Mumbai-headquartered private sector bank has also changed its toll-free phone banking number to 18001200 from 18002000.</p><p> However, it seems that the sense of crisis started brewing among the customers even before the RBI's Thursday move as messages dating back to March 3, 4 or before could be traced on the bank's twitter handle, customers complaining about banking issues with some even resorting to leaving their personal mobile numbers there, asking the bank to revert them back "ASAP".</p><p> Besides, the bank is also reported to be sending out messages to customers updating them about bank balances.</p><p> A customer of the bank said he faced no problem on Thursday night while transacting through his debit card at a fuel-refilling station.</p><p> Even as Finance Minister Nirmala Sitharaman assured the bank's depositors that their money is safe and the RBI is working on an early resolution of the issue, RBI Governor Shaktikanta Das assured swift resolution to the issues concerning the beleaguered lender.</p> "The resolution (for Yes Bank) will be done very swiftly, it will be done very fast. Thirty days which we have given is the outer limit. You will see a very swift action from the RBI," Das told reporters at a banking event in Mumbai.  KPM CS  HRS

Distress calls, long queues at branches of Yes Bank post withdrawal limit

Mumbai, Jun 19 () In a relief to the depositors of scam-hit PMC Bank, the Reserve Bank on Friday enhanced the withdrawal limit to Rs 1 lakh while extending the regulatory restriction on the cooperative bank by another six months till December 22. <p> The earlier withdrawal limit was Rs 50,000 per depositor. </p><p> The RBI had placed regulatory curbs on the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, on September 23, 2019, after finding out certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. </p><p> With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said. </p><p> The withdrawal limit was last enhanced to Rs 50,000 per depositor on November 5, 2019, and the restrictions extended up to June 22, 2020. </p><p> "Further, on a review of the bank's liquidity position, its ability to pay the depositors and with a view to mitigating the difficulties of the depositors during the prevailing COVID-19 situation, it has also been decided to further enhance the limit for withdrawal to Rs 1,00,000 per depositor, inclusive of Rs 50,000 allowed earlier," the RBI said in a statement. </p><p> The RBI said it has been engaging with the stakeholders to explore the possibility of a resolution of the bank. </p><p> However, the process has been affected due to the lockdown on account of COVID 19 and the continuing uncertainty around the pandemic. </p><p> Further, the extent of the negative net worth of the bank, and the legal processes involved in recovery of bad debts also pose challenges/limitations in resolution of the bank, it said. </p><p> Earlier, the central bank had superseded the board of PMC Bank and had appointed J B Bhoria, an ex-RBI official, as its administrator. </p> The RBI had placed restrictions on the bank that included barring the bank from giving fresh loans and acceptance of fresh deposits. Depositors were also not allowed to withdraw more than Rs 1,000 initially from their accounts but the limit was increased gradually later. NKD MR MR

RBI doubles withdrawal limit to Rs 1 lakh for PMC Bank depositors

Cash and ATM management companies will soon be allowed to attract 100 per cent foreign direct investment as they are not required to comply with the Private Security Agencies (Regulation) Act (<keyword id="2544663" type="ORGANIZATION" weightage="20" keywordseo="PSARA">PSARA</keyword>), according to news agency PTI.<br /> <br /> A clarification to this effect is likely to be issued by the home ministry shortly.<br /> <br /> The clarification will be against the backdrop of the confusion among firms in cash and ATM management relating to compliance with the Act, under which they can receive <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> only up to 49 per cent.<br /> <br /> The issue was discussed at a meeting convened by the Prime Minister's Office (PMO) last month.<br /> <br /> "In that meeting, it was decided that the home ministry would be asked to issue a clarification that these companies will not have to comply with PSARA and would be eligible to attract 100 per cent FDI," an official said.<br /> <br /> There are about a dozen cash management players in the country, including Writer Safeguard, SIS Securitas, CMS, Secure Value, Logicash, Brinks Arya, Securitrans and Scientific Security Management Services.<br /> <br /> According to experts, companies managing cash for banks have so far been caught in a policy tangle, with the home ministry insisting that 100 per cent FDI could not be allowed for them if they provide private security guards or armoured vehicles.<br /> <br /> Companies that make devices such as currency authenticators and sorting and currency counting machines will also benefit from this clarification, they added. Several players, including TVS Electronics and ITI, are in such businesses.<br /> <br /> Cash Management companies handle over Rs 40,000 crore of cash per day.<br /> <br /> The government in 2015 permitted 100 per cent FDI under the automatic route for white label ATM operations with an aim to promote financial inclusion.<br /> <br /> FDI into the country grew 22 per cent to USD 35.85 billion during April-December of 2016-17.<br /> <br /> Foreign investment is considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure such as ports, airports and highways to boost growth.<br /> <br /> A strong inflow of foreign investments also helps improve balance of payments and strengthen the rupee against other global currencies, especially the dollar.<br /><br />

Soon 100% FDI in ATM management companies

<p>From CNBC's Michelle Caruso-Cabrera</p>
<blockquote class="twitter-tweet">
<p>Woah. Laiki Bank withdrawals now limited to €100. Employee takes down old sign that said previous €260 limit. <a href="https://twitter.com/search/%23Cyprus">#Cyprus</a> <a href="http://t.co/IdEGujX4ib" title="http://twitter.com/MCaruso_Cabrera/status/315802966873481217/photo/1">twitter.com/MCaruso_Cabrer…</a></p>
— M. Caruso-Cabrera (@MCaruso_Cabrera) <a href="https://twitter.com/MCaruso_Cabrera/status/315802966873481217">March 24, 2013</a></blockquote>

Major Cyprus Bank Is Lowering Its ATM Withdrawal Limits Again

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">It's easy to verify your PayPal account in a few different ways.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li style="font-weight: 400;"><strong>You can verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> account by linking a bank account, credit card, or debit card. </strong></li><li style="font-weight: 400;"><strong>Once your verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a>, there will no longer be a withdrawal limit for your account; unverified accounts having a monthly withdrawal limit of $500. </strong></li><li style="font-weight: 400;"><strong>You can also verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> account by applying and getting approved for <a href="https://www.businessinsider.com/what-is-paypal-credit">PayPal Credit</a>.</strong></li><li style="font-weight: 400;"><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>Until you verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> account, you may not be able to fully use the service. </p><p>Having an unverified account puts limitations on some of <a href="https://www.businessinsider.com/category/paypal">PayPal's</a> most essential functions, including how much you can withdraw ($500 per month for unverified users) or transfer to your account. </p><p>There are two ways to verify your account - one is to apply and get approved for <a href="https://www.businessinsider.com/what-is-paypal-credit">PayPal Credit</a>.</p><p>But if you're not in the market for another line of credit, another way to verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> is to simply link your bank account, credit card, or debit card.</p><p>Here's how to go about verifying your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> account by linking a bank account to eliminate your withdrawal limit.  </p><h2><strong>How to verify your <a href="https://www.businessinsider.com/category/paypal">PayPal</a> account</strong></h2><p><strong>1.</strong> Sign in to PayPal, or sign up if you haven't already, with an email and password.</p><p><strong>2.</strong> Click "Summary."</p><p><strong>3.</strong> If you haven't confirmed your email or phone number already (for security reasons), click to do so.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Emma Witman/Business Insider" title_caption="You're not quite verified by PayPal even after you've confirmed your phone and email, but you'll be two steps closer." class="zoomin" href="https://static-ssl.businessinsider.com/image/5dc466067eece52da15d9de7-960/paypalverify1.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Emma Witman/Business Insider</span></p><p class="caption">You're not quite verified by PayPal even after you've confirmed your phone and email, but you'll be two steps closer.</p></div><p></p></div></div></p><p><strong>4.</strong> After you've passed those security measures, on the same "Summary" page you'll now see an option to "Link your bank." Click it.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Emma Witman/Business Insider" title_caption="Click to link your bank." class="zoomin" href="https://static-ssl.businessinsider.com/image/5dc468f63afd373049779e4c-960/paypalverify2.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Emma Witman/Business Insider</span></p><p class="caption">Click to link your bank.</p></div><p></p></div></div></p><p><strong>5.</strong> Select your bank from the icons. </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Emma Witman/Business Insider" title_caption="If you use a small, regional bank, you may need to enter it by tapping " I="" have="" a="" different="" bank.="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5dc466747eece52e2006e326-960/paypalverify3.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Emma Witman/Business Insider</span></p><p class="caption">If you use a small, regional bank, you may need to enter it by tapping "I have a different bank."</p></div><p></p></div></div></p><p><strong>6.</strong> Enter your bank account's online login information. The linking process will then initiate.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Emma Witman/Business Insider" title_caption="Be patient. This step can take several seconds, but the screen isn't frozen." class="zoomin" href="https://static-ssl.businessinsider.com/image/5dc466ad3afd372dc30eed07-960/paypalverify4.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Emma Witman/Business Insider</span></p><p class="caption">Be patient. This step can take several seconds, but the screen isn't frozen.</p></div><p></p></div></div></p><p><strong>7.</strong> You'll be prompted to confirm your identity with another security check, this time from your bank rather than PayPal. Enter the code your bank sends via text.</p><p>And that's it. With your bank account successfully linked, you're officially PayPal verified. Spend wisely - there's no longer a limit on what you can withdraw from the aforementioned linked account now.</p><h2><strong>Related coverage from <a href="https://www.businessinsider.com/category/tech-how-to">How To Do Everything: Tech</a>:</strong></h2><ul><li><h3><a href="https://www.businessinsider.com/how-to-refund-on-paypal">How to refund a payment on PayPal in 4 simple steps</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-change-primary-address-on-paypal">How to change your primary address on PayPal in 3 steps</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-contact-paypal">How to contact PayPal if you have an issue with your account, in 2 different ways</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-add-money-to-paypal">How to add money to your PayPal account, so you can transfer money or pay bills immediately</a></h3></li></ul><p class="tagline"><a href="https://www.businessinsider.com/intelligence/payments-and-commerce-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=paypal&amp;itm_campaign=payments-and-commerce-pro"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/we-used-the-motorola-droid-on-its-10th-anniversary-2019-11">I used the 10-year-old original Motorola Droid for a week</a></h3>        <div>                    </div>    </div>

How to verify your PayPal account to get rid of withdrawal limits on your account

<a href="http://www.businessinsider.in/searchresult.cms?query=The+Reserve+Bank+of+India+&amp;sortorder=effectivedate">The Reserve Bank of India </a>(<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) increased the weekly <a href="http://www.businessinsider.in/searchresult.cms?query=ATM&amp;sortorder=effectivedate">ATM</a> cash withdrawal limit from savings bank accounts to Rs 50,000, from the current Rs 24,000 and the limit will be removed from March 13.<br />
<br />
"Effective February 20, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."<br />
<br /> The limits were imposed by the Government and RBI on withdrawal of money from <keyword id="60866" type="PERSON" weightage="20" keywordseo="ATMs">ATMs</keyword> and bank branches in view of the currency shortage following <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.

You can withdraw Rs 50,000 per week from savings bank accounts today onwards

<br />
<br /> The <keyword id="65338" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Department">income tax department</keyword> has clarified that the government-imposed ban on cash transactions worth more than Rs 2 lakh will not be applicable to withdrawals from banks as well as post office savings accounts.<br />
<br />
The restriction is also not applicable to any receipt by government or <a href="http://www.businessinsider.in/markets/economy/this-co-operative-bank-received-rs-169-crore-in-just-5-days-post-demonetisation/articleshow/56135603.cms">co-operative banks</a>.<br />
<br />
Also read:  <a href="http://www.businessinsider.in/no-more-fake-rent-receipts-to-evade-income-tax/articleshow/58024618.cms">No more fake rent receipts to evade income tax</a><br />
<br />
The rule says that no individual can deal in cash in excess of Rs 2 lakh on a single day, either for a single transaction or for transactions relating to one event or occasion.<br />
<br /> "It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank," a <keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword> statement said in this regard.<br />
<br />
Also read:  <a href="http://www.businessinsider.in/Budget-2017-india-has-a-better-income-tax-structure-than-china-here-are-the-details/articleshow/56642897.cms">India has a better income tax structure than China. Here are the details</a><br />
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A necessary notification in this regard would also be issued soon.<br />
<br />
While presenting the budget for FY 2017-18, Finance Minister <a href="http://www.businessinsider.in/markets/economy/heres-why-arun-jaitley-wants-gst-to-be-implemented-from-july-1/articleshow/57794802.cms">Arun Jaitley</a> had proposed that cash transaction of over Rs 3 lakh be banned. However, the ban was instead imposed on transactions worth more than Rs 2 lakh as an amendment to the <keyword id="123776" type="ORGANIZATION" weightage="100" keywordseo="Finance-Bill">Finance Bill</keyword>.<br />
<br />
Also read:  <a href="http://www.businessinsider.in/markets/economy/penaltyfor-those-accepting-cash-above-rs-3-lakh-suggests-revenue-secretary/articleshow/56982210.cms">Penalty for those accepting cash above Rs 3 lakh suggests Revenue Secretary</a><br />
<br />
"Further, it has also mandated that any donation in cash exceeding Rs 2,000 to a charitable institution shall not be allowed as a deduction under the Income-tax Act," the statement added.<br />
<br />
(Image source YouTube)

You Searched For "Withdrawal limit" and got 11 results

RBI allows PMC Bank customers to withdraw ₹10,000 over a period of six months from ₹1,000 earlier

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RBI removes withdrawal limit for current accounts; banks can impose restrictions on ATM withdrawals

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Greek banks are closed until Thursday and withdrawal limits stay at €60

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State Bank of India halves withdrawal limit at ATMs to ₹20,000 per day to prevent fraud

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RBI doubles withdrawal limit to Rs 1 lakh for PMC Bank depositors

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Major Cyprus Bank Is Lowering Its ATM Withdrawal Limits Again

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How to verify your PayPal account to get rid of withdrawal limits on your account

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