Source: News Bharati English14 Nov 2016 12:19:23

New Delhi, November 14: Economic Affairs Secretary Shaktikanta Das spoke out the list of steps which will be coming into effect from Monday, including granting exemption to “certain category of transactions” where old series of Rs 500 and Rs. 1000 notes can be accepted. The old notes will be accepted at government hospitals, petrol bunks among others.

The new currency notes of Rs 500 have been launched on Sunday. Also the government increased the daily limit of withdrawal from ATMs from Rs.2000 to Rs. 2500 and exchange limit from Rs.4000 to Rs.4500.

Economic Affairs Secretary Shaktikanta Das spelled out certain significant features in a press conference which are as follows:

  • The daily limit of withdrawal from ATM has been increased to Rs 2500 which is applicable only to ATMs that have been recalibrated to dispense Rs 2000.
  • Weekly limit has been set to Rs 24000 and daily limit of Rs 10000 has been removed.
  • The limit for businesses having current accounts has been increased to Rs 50,000 per week.
  • Banks are going to increase the cash holding limit of banking correspondents to Rs 50,000.
  • In order to ease congestion at banks there will be separate queues for those who visit to swap money.
  • Government is going to activate all banks, post-offices, ATMs, and E-Pay channels to reduce the stress on the transactions carried out by people.
  • Total supply of about 1.3 Lakh to branch post offices will be enhanced to increase the availability of cash.
  • The focus of government is to activate all means of channels including mobile-ATMs whereby cash is dispensed to the public.
  • To monitor circulation of fake currency notes and due to mismatch of new currencies of Rs 2000 in a tray size, “Recalibration of ATM’s has already started.”
  • Recalibrated ATMs will start dispensing Rs 2000 notes within 2 days.
  • A special force has been set up to enhance the recalibrated ATMs within next few days.
  • Micro ATMs are supposed to be set up across the country to reduce the strain of common man by providing with cash availability.
  • ATMs will start dispensing the higher denomination currency of Rs 2000 from Monday or Tuesday.
  • Banks have been advised to increase the Business Correspondents limit of dispensing cash to Rs.2500/- for withdrawal from bank accounts.