NDA Govt Eases Withdrawal Norms, Exchange Limit Increased to Rs 4500 Per Day
While the issuance of new ₹500 notes has already commenced, banks have been advised to increase the business correspondents limit to ₹2,500 for withdrawal from bank accounts, a Finance Ministry statement said.
Banks have also been
advised to increase the exchange limit over the counter from the
existing ₹4,000 to ₹4,500, the statement said, adding that the cash
withdrawal limit at ATMs has also been increased from the existing
₹2,000 to ₹2,500 a day in the recalibrated ATMs.
The
₹20,000 weekly limit for withdrawal from bank accounts has been
increased to ₹24,000 and the daily limit of ₹10,000 has been removed,
the statement added.
After reviewing the availability
and distribution of all denomination of bank notes, the Ministry noted
that in the first four days (November 10-13 up to 5 pm) about ₹3 lakh
crore of old ₹500 and ₹1,000 bank notes had been deposited in the
banking system.
About ₹50,000 crore has been
dispensed to customers — via withdrawal from accounts, ATMs and
exchange. Within these four days, the banking system has handled about
18 crore transactions.
The statement
further said that based on the reports received from the States, banks
and other sources, coordination is being continuously done by the
Ministry with RBI , banks and post offices to make all denomination
notes available at all locations.
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