Use of scrapped Rs.500 and Rs.1000 notes has been extended to 10 more days i.e. till November 24. As we have posted earlier, you can use them at petrol pumps, government hospitals, booking tickets, at milk booths, and many other places. The decision came after PM Modi’s late night meeting with Senior Ministers on Currency Ban. Union Finance Minister, Arun Jaitley and Reserve Bank of India Governor were also present at the meeting.
As per the latest developments, new Rs.2000 banknotes will also be stacked in ATM machines in a day or two. It will also help people to get there money exchanged quickly. Banks have also been advised to increase the limit of currency that an ATM can hold from Rs.40,000 to Rs.50,000 or more as per the need. You can also transact through ATMs more then once a day under the applicable limit of Rs.24,000 a week.
To ease the queue in bank, government has also 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 also asked banks to raise the withdrawal and exchange limits. According to the Finance Ministry, ATM withdrawal 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 Reserve Bank of India (RBI) has urged people to not withdraw cash repeatedly. RBI also said that there is enough currency to fulfill the need of people and asked them to not get panicked. State Bank of India (SBI) has reported deposits worth Rs.75,945 crore till Sunday evening.
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.
Many banks are shut today on the occasion of Guru Nanak’s Birth Anniversary. As a result, long queue can be seen on ATMs throughout the country. People also went on overnight hunt for working ATMs.