The government has also relaxed withdrawal limits from banks, removing the 10,000 rupees a day restriction and increasing the weekly limit by 4,000 rupees to 24,000. Benami is property actually owned by someone but held in the name of a third party. It handled 543.70 billion rupees of cash transactions in all, including deposits, withdrawals and exchange of banknotes, starting Thursday through 12:15pm yesterday, Jaitley said.
The government deliberately didn't reconfigure the more than 200,000 cash machines beforehand to help keep the announcement a secret, Jaitley said.
His political opponents said they would unite to fight the abolition of the high denomination notes, which has made lives hard for millions of ordinary people - particularly those without bank accounts who keep their savings in cash.
ATMs in India have separate cassettes (boxes) to hold different denominations of cash such as Rs 100, Rs 500 and Rs 1000 notes.
There seems to be some relief in sight for citizens as new currency notes of Rs 500 have been finally issued in Bhopal. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard.
Clinton wins Dixville Notch midnight vote
Obama has, of course, been campaigning hard for Hillary Clinton, who previously served as his secretary of state, in 2016. In 2012, the Dixville Notch vote ended in a draw , with both President Barack Obama and Romney earning five votes apiece.
Traders in Delhi's vegetable market said they were considering to shut down the market as cash was running out and banks were dispensing a limited amount.
Chaos rule as people scramble for cash across the country's ATMs and banks that have inadequate cash supply.
The demonetised notes can be used for payments towards utility bills by individuals for arrears and current bills, government said, however no advance payments will be allowed using the old currency.
Taken aback by the mass crisis, the government have extended until 14 November midnight the original 72-hour deadline to deposit or exchange the spiked currency. "People will also have to realise and behave judiciously during this period", he said. "Had that been the case then not so many people would have been serviced".