Breaking : Daily and weekly withdrawal limits from ATM and counters increased !

In what can be a despite for people, finance Ministry has issued instructions to the banks to increase the limits of withdrawal both from the counters and ATMs. The Union finance ministry asked the banks to increase the ATM withdrawal limit from Rs 2,000 per day to Rs 2,500 per day, and the over-the-counter limit to Rs 4,500 per day. Also, the cap on withdrawal has been increased from Rs 20,000 per week to Rs 25,000 per week. An increase in withdrawal limit of Rs 5000 per week will definitely bring some smile on the face of people who have been standing in long queues and patiently supporting the greatest move of demonetization despite facing inconvenience.

Since the demonetization was announced, about Rs 3 lakh crores of old Rs 500 and Rs 1000 bank notes have been deposited in the banking system and about Rs 50,000 crore have been dispensed to customers by either withdrawal from their accounts or withdrawal from ATMs or by exchange at the counter. The mint at Nasik has sent 50 lakh new notes of Rs. 500 denomination and this is soon expected to ease the burden on the ATMs and banks, which are witnessing long queues. The RBI also said that all the mints and currency printing presses are working overtime at its full capacity so that the notes are sent to the banks and ATMs.

The finance ministry today said that it is in regular contact with RBI, banks and post offices to ensure that all denomination notes are available at all the locations over the country. The government has told banks to make arrangements for separate queues for senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts. On the issue of certain hospitals, caterers and other agencies not accepting cheques/demand drafts and online payment transfer from customers, the government has said that people can lodge complaint with the concerned district magistrates/district administration for action against such establishments which refuse payments in form of non-cash.

Kshitij Mohan