In a bid to provide convenience to people, the Centre on Sunday eased key restrictions including raising daily withdrawal limit from bank accounts and ATMs as well as increased the amount of old and now defunct currency notes that can be exchanged.
Shaktikanta Das, Secretary, Department of Economic Affairs said in New Delhi that the Task Force will draw up an action plan and ensure its implementation for quick recalibration of the ATMs to enable them to dispense the new Rs.500 and Rs.2,000 notes. The date to accept the old high-denomination bills at places such as government hospitals, utilities and fuel stations has been extended until November 24, he said. However, the cash withdrawal limits for banks will apply in case of DCCBs also.
Though, the ATMs continue to be pain points at this point of time, once the Rs2,000 notes gets calibrated, they will stop running out of money and once the Rs500 are restored, things should get back to normal very quickly.
He said that bank will increase the cash holding limit of Banking Correspondents to Rs 50,000, which may be increased in appropriate cases.
"With a view to encourage the banks in that direction, it has been made a decision to conduct a pilot project wherein 10 per cent of the ATMs in the country will be calibrated to dispense Rs 100 notes exclusively".
People can now exchange a maximum of Rs 4,500 of old high value banknotes for new ones or can withdraw Rs 2,500 from ATMs per transaction.
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Though none of the SiS (the company which manages most of the ATMs in city) officials said anything officially, one among them said while filling an ATM that the company was trying its best to maintain cash availability in ATMs all the time.
India announced a week ago that it was withdrawing 500 and 1,000 rupee notes as legal tender to fight corruption and tax evasion.
- Business entities having current accounts which are operational for last three months or more will be allowed to draw Rs 50,000 per week.
The ministry in a statement said that the maximum limit of 10,000 rupees per day on such withdrawals has been removed.
The ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash, the RBI said.