Gasim pledges to scrap daily bank withdrawal limit

Jumhoory Party (JP) leader and presidential candidate Gasim Ibrahim on Sunday vowed to end the limit on the amount of money withdrawn from accounts per day, saying such regulations have made it difficult for many people to do things through the banking system.

An individual can withdraw cash from a bank up to a maximum of MVR 200,000 per day and a maximum of MVR 25,000 via bank cards.

Gasim is campaigning for the September 9 presidential election in Alif Dhaal Atoll. Speaking at a rally in Mandhoo, Gasim reiterated his earlier concern that presidential candidates have not been given an exemption from the withdrawal limit from banks even 12 days before the election.

Gasim said that when he goes to withdraw money deposited in his own account, he does not get more than MVR 200,000.

"That should not happen at all. What a great suffering it is causing. I will hopefully relieve the suffering," he said.

"This is the rule for banks issued by the MMA. Such rules, all rules that are difficult for the people will be repealed”.

Gasim said people should be able to withdraw their own money deposited in the banks. Questioning why it was restricted, he said it was for nothing but "harassing people" under the disguise of stopping money laundering.

"If I want to transfer MVR 2 million to my son's name, I have to make a huge agreement, write it, sign it, put a microscope on it and see if the signature matches. What a disaster. Even the bank knows that it is my son, so it is too much of a hassle."

Gasim said he will remove the difficulties in obtaining dollars for those who go abroad for studies and medical treatment. He said the reason why the dollar is now available at MVR 18 in the black market is because of the loans taken by the government.

The law allows each candidate to spend a maximum of MVR 564 million or MVR 2,000 per voter in this year's presidential election. The number of voters in this year's election is 282,395.

In addition, a candidate may receive in donations:

Gasim has previously expressed concern that candidates cannot withdraw enough money to spend in the few days left to campaign. Candidates are only able to withdraw MVR 190,000 per day from the their special election expenses account despite having millions, Gasim had said.

Other parties have also expressed similar concerns to the Elections Commission, the commission had said.