New Delhi: The current limits on cash withdrawal will be reviewed after 30 December, the last day to deposit old Rs500 and Rs1,000 currency notes, says finance secretary Ashok Lavasa.

“The cap on cash withdrawal to be reviewed after 30 December, which is the last day to deposit old Rs 500/1,000 notes,” PTI quoted Lavasa as saying.

The use of the old Rs500 currency note as legal tender stopped from Thursday midnight. The Narendra Modi government had let people use them for paying utility bills or buying medicines till 15 December, but decided to not extend the deadline any further.

Now the old Rs 500 note can only be deposited in bank accounts or exchanged at the Reserve Bank of India (RBI). The government had earlier scrapped the use of old Rs1,000 note for utility bill payments and petrol pumps.

The government is considering easing rules on cash withdrawals, starting with cooperative banks, once 80% of the new currency is introduced into the system, a top official said on Thursday.