Latest on demonetisation: 10 things you must know

Though the government has assured that things will be all right within 10 days as it has taken several steps in this direction, there has no respite from long queues at banks and ATMs

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New Delhi, Nov 15: It has been a week since Prime Minister Narendra Modi announced that the high denomination notes of Rs 500 and Rs 1,000 will no longer be a legal tender.

Since then peole have been facing difficulties to exchange the old notes at banks and drawing out new Rs 2,000 and Rs 500 notes from ATMs machine.

Latest on demonetisation: 10 things you must know

Though the government has assured that things will be all right within 10 days as it has taken several steps in this direction, there has no respite from long queues at banks and ATMs.

Here are latest updates:

  1. The limit of old and now defunct Rs. 500 and Rs. 1000 rupee notes that can be exchanged for freshly minted Rs. 2,000 and Rs. 500 notes was increased from Rs. 4000 to Rs. 4500 per day.
  2. Cash withdrawal limit at ATMs was hiked to Rs. 2,500 from Rs. 2,000 a day.
  3. The weekly limit of Rs. 20,000 for withdrawal from bank counters has been increased to Rs. 24,000.
  4. The maximum limit of Rs. 10,000 per day on such withdrawals has been removed.
  5. The Government also extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
  6. Economic Affairs Secretary Shaktikanta Das said there is enough cash in the system and delivery channels are being augmented across the country to help cash-starved citizens.
  7. Das also said that recalibration of ATMs has already started and they will start dispensing the new Rs 2,000 currency notes within one or two days.
  8. A task force has been set up to help recalibrate the ATMs. Large number of micro-ATMs will soon be deployed to help people withdraw cash through debit cards.
  9. Cash holding limit for 1.2 lakh banking correspondents (BCs) has been increased to Rs 50,000. Also supply of cash to 1.3 lakh branch post offices enhanced so that public can get banknotes without any hassle.
  10. RBI has also waived off debit and credit card transaction charges.

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