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Use of old 500, 1000-rupee notes extended till Nov 24, ATMs to dispense Rs 2,000 notes within two days

Prime Minister Narendra Modi held a meeting with senior ministers past midnight today to review demonetisation and its impact.

India TV Business Desk, New Delhi [ Updated: November 14, 2016 14:26 IST ]
Use of 500, 1000-rupee notes at hospitals, utility bills extended till Nov 24

Hours after increasing the withdrawal limit from ATMs and banks, Prime Minister Narendra Modi held a meeting with senior ministers past midnight today to review demonetisation and its impact. 

The meeting at Prime Minister's residence was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, I&B Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance ministry.

The meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of two higher value currency notes by Modi. 

Economic affairs secretary Shaktikanta Das said that the prime minister was briefed about steps already taken to improve supply of cash.

Here are the key points discussed at the meeting.

  • Recalibrated ATMs will start dispensing Rs 2000 notes within 2 days.
  • Banking correspondent will be now allowed to withdraw cash multiple times as opposed to only once a day earlier: Shaktikanta Dad

  • Currently government has given exemption to certain category of transactions where old series of 500 & 1000 notes can be accepted. The limit for such transactions is being extended from 14th November midnight to 24th November midnight
  • The banks have been advised to increase the cash holding limit of the banking correspondents to at least 50,000 rupees.

  • The reach and distribution of cash especially in rural area will improve substantially.

  • To expedite process asap,task force being setup under chairmanship of RBI Dy Guv, it will have reps of banks as its members: Shaktikanta Das

  • Other decisions are ATMs which are being recalibrated to dispense 500,2000 notes that is new series of Rs500 & 2000 notes: Shaktikanta Das

  • Micro ATMs will be deployed in large number of areas to dispense cash against debit and credit cards.

  • All government departments and central public sector undertakings will maximize their E transactions.

  • Banks are being advised to waive their charges for various kinds of transactions.

  • There will be separate queues for senior citizens and divyang persons in banks.

  • There will be separate queues for those who are visiting the banks only to exchange old series of notes for new notes.

There was little respite for cash-starved people queueing up outside banks and ATMs yesterday, with branches witnessing unprecedented rush since early morning and leading to arguments and scuffles. 

Earlier in the evening, after a review by Finance ministry, the limit of old and now defunct Rs 500 and Rs 1000 rupee notes that can be exchanged for freshly minted Rs 2000 and new Rs 500 notes was increased from Rs 4000 to Rs 4500 per day. 

Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day. 

The weekly limit of Rs 20,000 for withdrawal from bank counters has been increased to Rs 24,000. The maximum limit of Rs 10,000 per day on such withdrawals has been removed, the ministry said in a statement.

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