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Friday 18 August 2017
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FinMin to allow ATM withdrawals up to Rs. 2,500 per day

FinMin to allow ATM withdrawals up to Rs. 2,500 per day

The Finance Ministry on Sunday announced increased limits for ATM withdrawals and currency exchanges ahead of Finance Minister Arun Jaitley’s meeting with Prime Minister Narendra Modi to apprise him of the progress of the government’s demonetisation-related efforts.It has appended its earlier order and to allow banks to increase the exchange limit over the counter from the existing Rs. 4,000 to Rs. 4,500.The Finance Ministry has done away with Rs. 10,000 per day limit for cash withdrawal. In addition to this, the weekly withdrawal limit has been increased to Rs. 24,000.

The cash Withdrawal limit at ATMs have also been increased to Rs. 2,500 per day.The government has begun issuing the new series of Rs 500 notes, an official statement said. However, banks will be shut on Monday on account of Gurupurab.“In the first four days (from November 10 to 13, up to 5 p.m.), about Rs 4 lakh crore of old Rs. 500 and Rs. 1,000 bank notes have been deposited in the banking system and about Rs 50,000 crore has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATMs or by exchange at the counter,” the statement said.

“Within three-four days, the banking system has handled about Rs. 21 crore transactions. Coordination is being continuously done by Ministry of Finance with RBI, banks and post offices to make all denomination notes available at all locations.”

Banks have been advised to ensure the availability and distribution of small denomination notes, while the Chief Secretaries of the states have been requested to identify the rural pockets where availability of cash has been a problem and provide all support to the banks and post offices in order to alleviate the problems through mobile banking vans and banking correspondents.

The government has also asked customers to take action against those who are required to accept the old notes but do not do so. “It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments,” the statement said.Banks have also been asked to make separate queues for senior citizens and differently-abled people and increase the issuance and use of mobile wallets and debit/credit cards.

Regarding the remote parts of the country, the statement said that the Government of Assam has arranged mobile banking vans at certain hospitals for emergency banking transactions. The Government of Arunachal Pradesh has made arrangements for cash deposits, withdrawals and opening of new bank accounts in remotely located areas.“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,” the government statement said(THE HINDU,2016).


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