RBI says no to raise withdrawal limit for polls, EC dissatisfied
New Delhi: The Election Commission has expressed displeasure over decision by RBI not to enhance the cash withdrawal limit post demonetization to meet election expenditures in five poll bound states.
The Commission had on Wednesday urged the apex bank to consider the withdrawal limit of candidates to Rs 2 lakh from Rs 24,000 per week imposed post the note ban decision citing reasons that it would result in level field playing otherwise fighting polls would be difficult in the present harrowed times of currency shortages.
But the RBI has said a no to the request of commission saying that such a move is not plausible in present time.
Meanwhile, the poll watchdog has asked the head bank to reconsider its decision.