Source: News Bharati English14 Nov 2016 10:02:34

New Delhi, November 14: Prime Minister Narendra Modi chaired a meeting to review the demonetization process and its impact on Monday night.  Aftermath of the meeting led to extension of the limit for exempted transactions where old series of Rs 500 and Rs. 1000 till November 24 midnight.  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 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.

The finance ministry has asked the banks to remove the daily withdrawal limit of Rs.10,000 and increase the weekly withdrawal limit of Rs. 20,000 to Rs. 24,000, so that the entire amount can be withdrawn at one time by cheque. The banks have also been advised to make arrangements for separate queues for senior citizens and people with disabilities.

The government had launched the new Rs. 2000 notes last week. But neither that, nor the Rs. 500 notes can be stacked in ATM machines due to a mismatch in tray size. "Recalibration of ATMs will be completed within two weeks," Union finance minister Arun Jaitley had said on Saturday. The government has asked people to exchange old 500 and 1,000 rupees notes by December 30.

Within the first four days of the new measures, about Rs 3 lakh crores of demonetized bank notes were deposited across the country. In so far, about Rs 50,000 crore has been dispensed through withdrawals and exchanges.