India to continue to regulate ATM, bank withdrawals

India will continue to control how much money people can withdraw from ATMs and banks after the end of a deadline to exchange or deposit its devalued high-value currency bills.


According to a statement from the central bank late Friday, the daily limit on ATM withdrawals will go up to 4,500 rupees ($66) from 2,500 ($37) rupees, but the weekly cap on withdrawals from bank accounts will remain at 24,000 rupees Saturday onwards. It wasn’t clear how long the limits would be in place.

In a surprise announcement Nov. 8, Prime Minister Narendra Modi said India was withdrawing 500- and 100-rupee bills as legal tender in order to crack down on tax evasion and corruption.

The deadline for exchanging or depositing the old currency in bank accounts passed Friday.

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