BHOPAL: Businessmen have welcomed the decision of the Centre to lift the restriction on cash withdrawals from savings bank accounts stating that it will ensure liquidity for the public and then it will help the market pick up pace.
Four months after demonetisation, Reserve Bank of India (RBI) lifted all restrictions on cash withdrawals from saving bank accounts. The RBI has already removed other restrictions on ATMs and current accounts last month.
The limit of withdrawal from savings accounts, which was initially set at Rs 20,000 per week, was revised to Rs 24,000 and further to Rs 50,000 per week, effective from February 20.
The RBI has already removed withdrawal limits from current accounts effective from January 30. The withdrawal curbs from ATMs were done away with from February 1.
The curbs on withdrawal of currency notes from banks were imposed from November 10 to check currency flow from the banks after PM Modi announced demonetisation on November 8, 2016.
Rajesh Dwivedi said, “It is a good decision by the government as it will increase liquidity for the public to spend in the market which faced severe cash crunch for the last four months after demonetisation.”
Rajni Chhabra said, “Market was totally dull after demonetisation as the public did not have cash. But now with this decision, the market will look up and it is a good decision as far as market interest is concerned.”
Sachin Chaturvedi said, “It is pro-market decision from the government. For the last four months, businessmen were facing acute crisis. Market was totally dull even in marriage and festival season. But now, lifting of the restriction will enhance liquidity and now people will be able to spend.”
UC Qureshi said, “For the last four months we are hardly doing any business as public did not have cash. It was unfavourable phase for business. Now it is end of that phase with lifting of the ban on cash withdrawal.”
Vijay Dwivedi said, “Bad phase of the market ended with lifting restriction on cash withdrawal from saving accounts. It is good news for the market. It will be easier for businessmen do to their business.”
