Cash Crisis: PM Narendra Modi holds meeting with senior ministers on demonetisation

In order to end the ongoing cash crisis hitting the country badly, Prime Minister Narendra Modi held a meeting with his senior ministers past midnight today.

New Delhi, Nov 14: 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.

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.

PTI