NEW DELHI – 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.
Fox News' "Antisemitism Exposed" newsletter brings you stories on the rising anti-Jewish prejudice across the U.S. and the world.