New Delhi, Nov 8: In the event of Rs 1,000 and Rs 500 notes being taken out of circulation, there would be a limit of Rs 2,000 that can be withdrawn in ATMs for a couple of days.
There is bound to be chaos and confusion for sometime before this issue is completely sorted out.
Since several persons are making a beeline at the ATMs to withdraw money, banks will impose a restriction of Rs 2,000 to be withdrawn at the ATMs for sometime.
The RBI governor announced that the new notes of Rs 500 and Rs 2,000 will be issued from November 10 onwards.
Earlier Prime Minster, Narendra Modi announced that the Rs 500 and Rs 1,000 notes will be pulled out of circulation from the midnight of November 8 onwards.
He said that these notes could be deposited at the banks and post offices until December 30th and those who do not meet the deadline can approach the RBI with a declaration.