Exchange, Withdrawal limits increased; Rs.500 Notes also launched

PC - Manvender Vashist

To ease the queues in banks, government has launched Rs.500 banknotes. Now, instead of distributing all the Rs.100, Rs.50, and Rs.10 notes in exchange, banks will also be giving away new Rs.500 notes. This will definitely ease the queue in bank.

The Union Finance Ministry on Sunday asked the banks to raise the withdrawal and exchange limits. According to the Finance Ministry, ATM limit has been raised to Rs.2,500 per day from Rs.2,000. Finance Ministry has also increased the exchange amount limit to Rs.4,500 per day from Rs.4,000.

Withdrawals from banks are now limited to Rs.24,000  a week as daily withdrawal limit of Rs.10,000 has been removed. That means, you can now withdraw Rs.24,000 at once or in a week. There will also be a restriction of Rs.2,500 per day per card for few days, which will later be raised to Rs.4,000.

The new banknotes can not be stacked in ATMs as they need to be recalibrated. According to the latest updates, all the ATM machines will be recalibrated within two weeks, according to Finance Minister Arun Jaitley.

The banks has also been advised to increase the issuance of debit/credit cards so that people who doesn’t have access to make payments through non-cash payment methods can get access.

The last date for the submission of annual life certificate for the government’s pensioners which is to be submitted in November every year has also been extended up to January 15, 2017.

Also Read: Modi’s Goa Speech & Other Developments On Currency Ban


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