Demonetisation effect: Cash withdrawal at POS to be Rs 2000 across all centres

As an another customer-centric move in the times of demonetisation, the Reserve Bank of India (RBI) has now made the limit for cash withdrawal at point of sale (POS) - for debit cards and open system prepaid cards issued by banks in India, uniform at Rs 2000 per day available at all centres. 

Presently there are four centres starting from Tier I to VI for cash withdrawal at POS.

The move has been made effective from November 18, 2016, and will be applicable till December 30, 2016.

RBI has also freed customers from any charges on such transactions.

Recently, the central bank had also ignored levy of ATM charges for all transactions by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. 

Earlier under POS, Rs 2000 per day limit was made available for only Tier III to VI centres and while Rs 1000 per day for Tier I and II centres.

On November 08, 2016,PM Narendra Modi led panel decided to ban high-denomination notes namely Rs 500 and Rs 1000, in order to curb black money, fake currency and terror financing.