❓Ask Duta: About the ₹4000 exchange limit....

  |   India News

Readers have asked whether the ₹4,000 limit for exchange is per day or one-time per person.

The RBI circular mentioning ₹4,000 limit of exchange has NOT stated specifically that it is per day limit; only limits of ATM and savings account withdrawal are stated on daily basis and this is causing confusion in minds of people.

From a plain reading, our interpretation is that the ₹4,000 limit is one-time only and it will be reviewed (and likely increased) by the RBI after 15 days ie November 22nd.

However, it seems to have been understood otherwise by some people who have circumvented this ₹4,000 limit by visiting branches of different banks with the same ID proof or with different ID proofs and some banks may not have resources or staff to cross-check the deposits.