Cash withdrawl at Point of Sale (PoS) Devices

RBI vide notification no. RBI/2019-20/50 dated August 29, 2019 reiterates the details regarding Cash withdrawl at PoSdeivces as the thing notified has not being implemented.

Cash can be withdrawn from PoS devices through all Debit Cards/Open loop prepaid Cards issued by banks which is limited to Rs.1,000 per day in Tier I and II centres and Rs.2000 per day in Tier III to VI Centres.

It can be charged to customers not more than 1% on the transaction amount.

It also adds, banks are also advised to submit data on cash withdrawls at PoS  Devices to The Chief general manager, Department of Payment and Settlement  Systems, on quarterly basis within 15 days from the end of quarter.

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