Banks asked to increase exchange limit from Rs 4000 to Rs 4500; ATM withdrawal limit raised to Rs 2,500

The weekly limit of Rs 20,000 for withdrawal from Bank accounts has been increased to Rs 24,000. The limit of Rs.10,000 per day has been removed.

By: Express Web Desk | New Delhi | Updated: November 13, 2016 10:17 pm
demonetisation, Rs 500 note, Rs 1000 note, Rs 2000 note, salt shortage, arun jaitley, demonetisation process, ATMs, narendra modi, indian express, india news Union Finance Minister Arun Jaitley. (PTI Photo)

The Finance Ministry on Sunday reviewed the position regarding availability and distribution of all denomination of bank notes. According to the reports received by the ministry from the states, banks and other sources, in the first four days after the government announced demonetisation of high value currency, about Rs 3.0 lacs crores of old Rs 500/- and 1000/- bank notes have been deposited in the banking system and about Rs 50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM’s or by exchange at the counter. Within three four days , the banking system has handled about 21 crore transactions.

The reports suggest that coordination is being continuously done by Ministry of Finance with RBI , Banks and Post Offices to make all denomination notes available at all locations. Also instructions have been given to the Banks and Post Offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.

Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents(BCs).

Here are other outcome of the review meet

#The issuance of the Rs. 500- notes has already commenced.

#Banks have been advised to increase the Business Correspondents limit to Rs 2500- for withdrawal from bank accounts. They have also been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.

#Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs 2000 to Rs 2500 per day in the recalibrated ATMs.

#The weekly limit of Rs.20,000 for withdrawal from Bank accounts has been increased to Rs.24,000. The limit of Rs.10,000 per day has been removed.

#Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment

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

# It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.

# Government of Assam has arranged a Mobile Banking Vans with support of Banks and State Government Staff at certain Hospitals for carrying out emergency banking transactions. All Banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.

# Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts.

#Government of Arunachal Pradesh has made special arrangements like cash deposits /withdrawal and opening of new bank accounts in the remotely located areas with the help of Banks and State Government staff. State Governments have been requested to facilitate opening of new Bank accounts as a part of financial inclusion programme.

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First Published on: November 13, 2016 8:48 pm
  1. J
    Jay
    Nov 14, 2016 at 4:16 pm
    Rich having sleepless nights whilst poor sleeping peacefully?.I think not, poor queuing up outside banks in the heat without food, water and losing their daily wages whilst the rich just walks past them straight into the managers cabin where the manager serves them in person.
    Reply
    1. P
      Pushpinder
      Nov 13, 2016 at 4:35 pm
      Can anyone tell what was deposit before 8th for the said periods against 3thousand crores
      Reply
      1. M
        Manish
        Nov 13, 2016 at 7:33 pm
        Modi and bhakths living in different world..
        Reply
        1. N
          Navan
          Nov 13, 2016 at 4:05 pm
          Government should ignore the noise from the Corrupt Paid media, which is working for the corrupt and anti-national forces. Remember, these are the same forces which campaigned on the d=fake intolerance issue to defame the nation. Although there are some minor problems, all patriotic Indians support the government effort to eradicate black money. Only Congies, Commies, and terrorists oppose the demonetization of high denomination notes.
          Reply
          1. T
            Trun
            Nov 13, 2016 at 4:35 pm
            Stood five hours and bank exchanged just 1000/- rupees and minister says 4000/-.let him check syndicate bank and sbi Noida
            Reply
            1. S
              Shaleel
              Nov 13, 2016 at 3:43 pm
              This is a good decision, people can atleast spend the 500 they get without waiting for change.
              Reply
              1. S
                Stonecold
                Nov 13, 2016 at 5:04 pm
                These dumb s will never learn . Why don't they understand the simple basics. Just exempt food seller/ kirana / supermarkets and hospitals to accept old currency till end of December and extend the electricity bill payments also till the end of December . That's it it is that simple. But Morons will be Morons.
                Reply
                1. A
                  Arun
                  Nov 13, 2016 at 3:30 pm
                  Please make it round figure of five thousand for exchanging notes and withdrawal rs Rs Three thousand or even more.It must be seen that no one has to wait for more than one hour to exchange notes.All ATMs must be made ready within one week to release new Notes.
                  Reply
                  1. D
                    dd
                    Nov 13, 2016 at 7:26 pm
                    Oppositions are trying to demoralize people..
                    Reply
                    1. D
                      dd
                      Nov 13, 2016 at 6:57 pm
                      I salute common people of India. You are trusting right PM ..who has right intent to help common man...
                      Reply
                      1. D
                        dr ajeet
                        Nov 13, 2016 at 5:56 pm
                        Es pic me ek insaan jo do note le kar rota hua dikhai de rha h, par uske kapro ko dekh k doubt lag rha h.
                        Reply
                        1. R
                          Rohith
                          Nov 13, 2016 at 6:53 pm
                          Modi says those involved in scams now have to wait in queues for Rs 4000. But it is only the common man in queue. Big fish are obviously doing it via backdoor entry.
                          Reply
                          1. C
                            Citizen
                            Nov 13, 2016 at 6:57 pm
                            It reminds me the story of King who set out to kill a housefly with his sword and chopped off nose of one of his queens.
                            Reply
                            1. A
                              Agree.cultured.brahmins
                              Nov 13, 2016 at 4:19 pm
                              The financial advisors(king whisperer) brahmin DOG Arvind Subramaniam is responsible for this mess and NOT SAINT MODI. PLEASE DONT PROJECT MODI AS THE VILLAIN.lt;br/gt;lt;br/gt;Do you all bonkered brahmin bhakts agree?
                              Reply
                              1. K
                                kailash
                                Nov 13, 2016 at 7:33 pm
                                Bank will Sank. Do Modi with RSS mindset any idea. He was Misusing CBI, Delhi Police, NIA, ACB and now he is misusing RBI too. He was putting JNU student behind bar framing them for treasons, his party men kidnapping JUNU student, his RSS men Flogging Dalits, Lynching Minorities, he was framing AAP MLAs one by one. Now he became completely desperate so going after entire country.
                                Reply
                                1. L
                                  lavanya
                                  Nov 15, 2016 at 5:16 am
                                  These Bloody Banks are not accepting exchange of Cash. Private Banks entertain only their Customers, while Government Bank like SBH doing the same thing. people who dont have bank accounts or who badly in need of money what about them. it takes 2 hours to stand in the line to deposit and then to with draw another 2 to 4 hours.
                                  Reply
                                  1. M
                                    Manu USA
                                    Nov 13, 2016 at 4:18 pm
                                    The opposition to this move is by corrupt politicians.lt;br/gt;Modi should stay strong, and help people. The corruption will be down after few days. Some people loot Indian common men for long time, n now finding hard time to hide the loot.
                                    Reply
                                    1. M
                                      Mayur Panghaal
                                      Nov 13, 2016 at 6:42 pm
                                      Bhartiya Jumla Party cannot cheat the country. First Disclosed the 900000 Crores black money spent to win 2014 Election. People are wise they knew how BJP Politicians are themselves involved in Vyapam Scams, Adarsh Housing Scams, DDCA scams, IPL scams, and many other scams. You cannot pretent honest and punish the ninty percent potion of this country.
                                      Reply
                                      1. M
                                        Mohan
                                        Nov 13, 2016 at 6:15 pm
                                        Modi should increase his brain limit which is needed. This Scam of BJP with ill intent to target Opposition and common man will backfire in bigger way than 1977 Emergency.
                                        Reply
                                        1. N
                                          Niyaz
                                          Nov 13, 2016 at 6:40 pm
                                          Totally unprepared and immature decision something like killing thousands of people to kill one or two criminals inside the room by releasing the lethal gas. Government could have been exercised several other ways to deal with black money without giving so much hard time to poor and common man. There are the fools considering this as a wise decision and expecting a miracle that black money will be surfaced like this. Black money holders are smart enough to get out from any situation but common man will suffered to the death with all such no essence decisions .
                                          Reply
                                          1. P
                                            Prsnjt Barman
                                            Nov 13, 2016 at 7:40 pm
                                            Good
                                            Reply
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