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RBI lifts cash withdrawal limits from current accounts, ATMs to follow

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New Delhi, January 30: The RBI on Monday lifted its curbs on withdrawals from current accounts, cash credit accounts and overdraft accounts with immediate effect.

The notification released by the Reserve Bank of India said limits on ATM withdrawals will also be ceased from February 1 (Wednesday).

However, the curbs on withdrawals on Savings Bank accounts across the counter will remain.

“On a review of the pace of remonetisation, it has been decided to partially restore status quo ante,” the RBI said.

“Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.

“The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” it added.

The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes. The upper limit at ATMs was just Rs 2,500 initially, and later it was raised to Rs 4,500.

Earlier this month, the RBI had hiked the daily ATM withdrawal limit from Rs 4,500 to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.

The upper limit for weekly withdrawal from bank accounts had been raised to Rs 24,000 from Rs 20,000 in November.

While lifting of ATM withdrawal limits from February 1 will represent coming full circle for these machines in respect of demonetisation, it is to be seen whether the amount of cash supplied by RBI will be able to satisfy the demand of citizens in future.

Read More: RBI refused EC’s request to raise withdrawal limit of election candidates

Wefornews Bureau

India

India retaliates after Pakistan violates ceasefire along LoC in Poonch

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Pulwama encounter

Srinagar, Dec 18 : India is strongly retaliated after Pakistan Army resorted to heavy mortar shelling    along the Line of Control (LoC) in Poonch sector of Jammu and Kashmir on Tuesday.

Pakistan Army  violated ceasefire by indiscriminate firing with small arms, automatics, and mortars .The troops guarding the borderline retaliated and the  exchange of fire was continuing intermittently  when last reports came in. The unprovoked firing from Pakistan side began in the evening.

On December 12, an encounter broke out between militants and security forces in Sopore area.

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Winter session : Rafale disrupts Parliament for the sixth consecutive day

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New Delhi, Dec 18 : Proceedings in both Houses of Parliament were disrupted for the sixth consecutive day on Tuesday over various issues, including the Rafale fighter jets deal.

The Lok Sabha was adjourned for the day hours after it met as both opposition and treasury benches created a ruckus over the Rafale deal, prompting admonitions from the Speaker for being unruly and “worse than school kids”.

Following the first adjournment at noon, when the House reassembled, the scene inside the lower House was no different.

Speaker Sumitra Mahajan tried to transact the business for the day but was repeatedly interrupted due to the sloganeering.

“It’s not sending a good message outside. I have heard from people from abroad asking what is happening in the Indian Parliament,” she said.

Mahajan said she had received feedback that even school children behaved better than parliamentarians.

But no amount of chiding helped as the Congress, AIADMK and the Telugu Desam Party (TDP) members trooped near the Speaker’s podium and started raising slogans against the government.

The Congress demanded a Joint Parliamentary Committee (JPC) probe into the 36 ready-to-fly Rafale jets deal with France, accusing the government of lying before the Supreme Court on the matter.

The AIADMK members wanted Karnataka to take back its proposal to construct a dam across the Cauvery river at Mekadatu, while the TDP raised several issues related to their demand for special status to Andhra Pradesh.

Both ruling Bharatiya Janata Party (BJP) and Congress members exchanged heated arguments, with the opposition seeking an apology from Prime Minister Narendra Modi while the other demanding the same from Congress President Rahul Gandhi for misleading the House and the nation on the defence deal.

Amid sloganeering, Minister of State for Corporate Affairs C.P. Chowdary introduced the National Institute of Design (Amendment) Bill 2018.

As the din continued, Mahajan urged the members to go back to their seats and allow the House to function smoothly.

“Parliament is for debate and discussion, but this is not the way. This session is very important and we all have to face elections next year. The government is ready for discussion.

“We have a responsibility. We have to maintain the standard of Parliament,” she said.

Congress leader Mallikarjun Kharge said that opposition was ready for discussion and urged the government to accept the demand for JPC probe into the Rafale deal.

“We respect democracy. But the Prime Minister is silent. We are demanding a JPC probe into the Rafale deal. The deal was discussed at length during the No-Confidence Motion.

“Accept the probe for smooth functioning of the House,” he said.

To this, Parliamentary Affairs Minister Narendra Singh Tomar said the government was ready for discussion on any issue but the JPC probe.

“The need for JPC doesn’t arise as the Supreme Court in its verdict has made it clear that a probe is not needed,” he said.

As the din continued, Mahajan adjourned the House for the day.

Earlier, when the House met, the Congress, AIADMK and the TDP raised their respective issues.

Amid the din, Mahajan had to adjourn the House initially till noon.

The Rajya Sabha was also adjourned for the day minutes after it met in the post-lunch session amid ruckus by both opposition and treasury benches.

As soon as the House met, Congress member Anand Sharma raised a point of order and referred to a remark made by Minister of State (MoS) for Parliamentary Affairs Vijay Goel in the morning with respect to Congress President Rahul Gandhi.

Sharma said Goel — who had sought an apology from Gandhi for allegedly making false allegations against the government on the Rafale deal — had violated the rules as the Congress chief was not a member of the Rajya Sabha.

He demanded to know as to “on what basis” Goel made such a remark.

This led to noisy exchanges between the Congress and the Bharatiya Janata Paty (BJP) members, who were on their feet.

In the meantime, the AIADMK members again trooped to the podium with placards.

Chairman M. Venkaiah Naidu adjourned the House for the day amid the ruckus.

Earlier in the day, as the upper House met, members from Tamil Nadu-based parties — AIADMK and DMK — came near the podium holding placards and raising slogans. They were protesting against a proposed dam on the Cauvery river.

Leader of Opposition Ghulam Nabi Azad said the most important issue was the breach of privilege of the House by the government on the Rafale deal.

Chairman Naidu said that he was “examining” the breach of privilege notices given by the opposition and would soon take a decision.

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Was not a PM afraid to speak to press: Manmohan Singh

A set of five volumes, “Changing India” details his life as an economist as well as his 10-year period at the helm of the Congress-led United Progressive Alliance (UPA) regime.

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New Delhi, Dec 18 : In an apparent dig at Prime Minister Narendra Modi who is yet to hold a press conference, his predecessor and Congress veteran Manmohan Singh on Tuesday said as a Prime Minister, “he was never afraid of speaking to the press”.

Speaking at the launch of his book “Changing India”, the former Prime Minister also asserted that India was destined to become a major economic global power.

A set of five volumes, “Changing India” details his life as an economist as well as his 10-year period at the helm of the Congress-led United Progressive Alliance (UPA) regime.

“I was not the Prime Minister who was afraid of talking to the press. I met the press regularly, and on every foreign trip that I undertook, I had a press conference on return.

“There are large number of those press conferences which have been described in the book,” he said at the event.

“People say I was a silent Prime Minister, but these volumes will speak for themselves. I don’t want to boast about my achievements as a Prime Minister, but the events that took place are well described in these volumes,” he said.

His remarks follow that of Congress President Rahul Gandhi ridiculing Modi for not holding a press conference ever since becoming the Prime Minister in 2014.

Talking about future of the country, Manmohan Singh said despite all the hiccups, India was destined to become a major global powerhouse.

“The emergence of India as a major global power is one such idea whose time has come and no power on earth can stop such an idea,” said Singh quoting Victor Hugo, whom he had quoted as the then Finance Minister during his historic 1991 budget speech.

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