The weekly limit of cash withdrawal is Rs 24,000 and the daily limit is scrapped.
The Delhi High Court today reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the demonetisation decision.
The plea accused the Centre of making a false statement in the court that the restriction on cash withdrawal of Rs 24,000 by individuals was only till November 24 as this limit has been extended till December 30.
During the hearing of the plea by a businessman, a bench of Chief Justice G Rohini and Justice VK Rao said that there is no restriction as such, because money can be withdrawn or transferred through cheques, demand drafts or by net-banking.
The Centre also opposed the plea saying the Supreme Court is seized of the issue and the restriction is only to make the policy effective.
After the parties made their submissions, the bench said that it will pass the order day-after-tomorrow.
On November 25, the bench had dismissed a plea, filed by Ashok Sharma, seeking direction to the Centre to remove the cap on daily withdrawal of money deposited by the public in banks before demonetisation of Rs 500 and Rs 1,000 currency notes.
The court had listed out grounds for dismissing the plea on November 25 and said that first, the top court is seized of the matter and secondly, the cap on withdrawal was in force till November 24.
The fresh plea alleged that the Centre's notification of November 8 on the weekly withdrawal limit from the banks was modified on November 14 and now it is in force till December 30.
"The government has not come out before this court with clean hands and it seems that deliberately a misleading false and incorrect statement has been made," the application said.
Earlier, the petitioner had sought quashing of Clause 2 (vi) of the Centre's notification and had contended that the decision to put a cap on weekly withdrawal of Rs 24,000 was "affecting right to livelihood" of the people at large.
Under the earlier Clause 2 (vi), the weekly withdrawal limit from the banks was Rs 20,000 while the daily limit was Rs 10,000. Later, the weekly limit was increased to Rs 24,000 and the daily limit was scrapped. From the ATMs, the daily limit is Rs 2,500.