After the bedlam that ensued after the demonetisation in India, the UAE’s Indian expats can now rest easy as the country relaxes its daily account withdrawal limits.
With the availability of cash returning to normal, recipients can instantly collect the full amount in cash across the 55,000 outlets of Xpress Money in India. Indian expats in UAE can now send money to India without any worry.
Remittance recipients across India are now benefitting from full cash payments through Xpress Money as opposed to the bank transfers and cheques that were being used during the initial period of demonetisation.
“We are aware that the recent demonetisation in India posed some inconvenience for people in the country, and for some of our customers too. The decision to impose daily limits on cash withdrawals from bank accounts meant that not enough cash was available for payout to our customers . The situation then was entirely beyond our control, however, we are now on top of the situation and are delighted to hand over full cash payments to our customers receiving money through Xpress Money across all our agent locations in India,” said Sudhesh Giriyan, COO, Xpress Money.
The government’s decision to demonetise the INR 500 and 1,000 currency notes late last year was accompanied by strict ATM withdrawal limits of INR 2,000 a day to prevent a run out of the currency. The situation resulted in Xpress Money’s agents not being able to access the cash needed to effectively disburse money transfers. As alternative solutions, customers in India were offered cheques and bank transfers by the agent partners.
The Reserve Bank of India (RBI) has been steadily increasing withdrawal limits as the height of the cash crunch has abated. According to a recent RBI circular, cash withdrawal limits on Current and Overdraft accounts were removed in entirety from February 1st 2017. All Xpress Money payout agents operate Current Accounts, which have enabled them to meet customers’ demands for cash.
Effective from February 20th, 2017, the RBI also increased the daily withdrawal limit for Savings accounts to INR 50,000 a day. The limit will be removed entirely on March 13th 2017.