You can withdraw cash from banks multiple times a day

You can withdraw cash from banks multiple times a day

NEW DELHI (Agencies): The government on Monday said that old Rs 500 and Rs 1,000 notes can be used at petrol pumps and government hospitals till November 24 and that the withdrawal limit at recalibrated ATMs has been increased from Rs 2,000 to Rs 2,500 a day.

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along with senior cabinet ministers held a late night review meeting on demonetisation on Sunday.

Late last night Prime Minister Narendra Modi had held a meeting with senior ministers past midnight to review demonetisation and its impact.

“The PM reviewed the supply and availability of cash to various banks and post offices. The reach and distribution of cash especially in rural area will improve substantially,” Secretary, Economic Affairs, Shaktikanta Das said.

To fight the chaos at banks and ATMs for cash, Das announced a slew of steps. Here are the latest updates:

  • You will be allowed to withdraw cash from your banks multiple times in a day as opposed to only once in day.
  • Number of recalibrated ATMs will be enhanced within next few days, task force set-up under deputy governor of RBI.
  • ATMs will start dispensing the new Rs 2,000 notes today.
  • The focus of the government is to activate all channels whereby cash is dispensed to the public.
  • 1.2 lakh banking correspondents are helping rural India
  • The weekly limit on withdrawal from bank accounts too has been increased from Rs 20,000 to Rs 24,000. The per day withdrawal limit of Rs 10,000 has been scrapped. If you want, you can withdraw the entire amount in one go through cheque transaction.
  • The over-the-counter cash exchange limit at banks has been increased from Rs 4,000 to Rs 4,500.
  • “ATMs are being recalibrated to dispense Rs 500, Rs 2,000 notes that is new series of Rs 500 & Rs 2,000 notes. To expedite the process as soon as possible, a task force is being set up under the chairmanship of RBI Deputy governor with representatives of banks as its members.”
  • “In the meantime, micro ATMs will be deployed in large number of areas to dispense cash against debit and credit cards.”
  • “Current account business entities which have operational current accounts during the last 3 months will be permitted to draw Rs 50,000 at a time. The ATM limit also has been increased to Rs 2,500 in respect to the recalibrated ATMs. In other words ATMs which are recalibrated to dispense new Rs 500 or Rs 2,000 notes, they can dispense Rs 2,500 at a time.”
  • “It has been decided that all govt departments and central public sector undertakings will maximize their e-transactions. RBI advised National Payments Corporation of India to waive its transaction charges on old transactions which are settled through the financial switch. This facility will be available till December 31.”
  • “Annual life certificate which pensioners are required to submit during November, time limit for that has been extended till January 15, 2017. There will be separate queues for senior citizens and divyang persons in banks.”
  • There are separate queues for senior citizens and differently-abled. Also, if you want to exchange your old notes with new ones, there will be a separate queue. Same holds true for those wanting to make transactions against their bank accounts.
  • To ensure those in distress need not stand in queues for hours to collect money, banks have also been advised to arrange mobile banking vans to help major hospitals for emergency banking transactions.
  • To ease some of the crisis, new Rs 500 notes have hit the market on Sunday.
  • Don’t panic. The RBI on Sunday said that there is enough money in banks and ATMs and advised people against hoarding.
  • “ATMs are being recalibrated to dispense 500,2000 notes that is new series of Rs 500 & Rs 2000 notes. To expedite the process as soon as possible, a task force is being set up under the chairmanship of RBI Deputy governor with representatives of banks as its members,” Das said.
  • “In the meantime, micro ATMs will be deployed in large number of areas to dispense cash against debit and credit cards.”

Following a review meeting, the Ministry decisions came a day after Prime Minister Narendra Modi returned to India from Japan and made an impassioned plea to the citizens while addressing public meetings in Maharashtra and Goa.

He sought 50 days’ time until December 30 to tide over the cash crisis and weed out the ill-gotten wealth in the country’s economy.

Lakhs of people have virtually mobbed banks and ATMs all over the country since Thursday when the banks opened after a day’s closure, following Modi’s dramatic November 8 night announcement to spike Rs 500 and Rs 1,000 currency notes.

Banks have also been told to cater separately to senior citizens and the handicapped.

Under attack from regional satraps and Chief Ministers like Mamata Banerjee of West Bengal and Arvind Kejriwal of Delhi, the Centre on Sunday also appealed to state governments to make the scheme successful and extend the currency reach to the rural and remote areas.

The state governments have been requested to facilitate opening of new bank accounts as part of financial inclusion programme.

“The Chief Secretaries of states have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the banks and post offices in order to ensure last-mile distribution of small denomination notes through mobile banking vans and banking correspondents,” it said.

The ministry urged the people to lodge complaints with the District Magistrates and district administrations if hospitals, caterers and tent houses refused to accept cheques, demand drafts and online payment transfer.

It said that from November 10 (when the banks reopened) till 5 p.m. on November 13, about Rs 3 lakh crore of old Rs 500 and Rs 1,000 bank notes had been deposited in the banking system. Within these four days, the banking system has handled about 18 crore transactions.

About Rs 50,000 crore had been disbursed to customers through account withdrawals or from ATMs or by exchange of old notes.

The statement said that various state governments have made elaborate arrangements to help the banks and post offices discharge their duties and dispense currencies.

The Assam government has arranged mobile banking vans with the support of banks and state government staff at certain hospitals for carrying out emergency transactions, it said.

The statement said that in the remote northeastern Arunachal Pradesh, special arrangements like cash deposits or withdrawal and opening of new bank accounts have been made with the help of banks and state government staff.

Source by yahoo…

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