The Ministry of Finance reviewed its position regarding the availability and distribution of all denominations of bank notes. According to a the ministry's press release, in the first four days after the surprise announcement was made to demonetise Rs 500 and Rs 1,000 notes, about Rs three lac crores were deposited in the banking system and Rs 50,000 crore were dispensed to customers, by either withdrawal from their accounts at banks or from automated teller machines (ATMs). The banking system has handled transactions worth Rs 21 crore.
The Reserve Bank of India and the finance ministry are coordinating with banks and post offices continuously in order to make notes of all denominations available at all locations. Banks have also been given special instructions to ensure that all denomination notes are distributed properly and to ensure the availability of small denomination notes. Chief secretaries of the 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 the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents(BCs).
The issuance of the new Rs 500 notes has already commenced.
The ministry and RBI have taken cognisance of the matter that certain business houses like hospitals, caterers etc. are not accepting cheques or demand drafts and are requesting online payment transfer from customers. In such cases, customers should make complaints to the district magistrates/district administration who will take suitable action against the service providers.
Mobile banking vans
Government of Assam has arranged for Mobile Banking Vans with support of banks and state government staff at certain hospitals for carrying out emergency banking transactions. All banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.
Senior citizens get separate queue
Banks are supposed to make separate queues for senior citizens and disabled persons. In addition to this, separate queues will also be arranged for exchange of cash to cash and transactions against bank accounts.
Increased limits on withdrawals
Business correspondents can now withdraw up to Rs 2,500. Now, you can exchange Rs 4,500 from the existing Rs 4,000 over the counter. At re-calibrated ATMS, you can withdraw up to Rs 2,500 per day. Weekly limit of Rs 20,000 has now been increased to Rs 2,4000. The limit of Rs 10,000 per day has also been removed.
More mobile wallets and debit/credit cards
Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards and to provide them to those customers and establishments not having access to these non-cash means of payment.
Published Date: Nov 13, 2016 09:05 pm | Updated Date: Nov 13, 2016 09:05 pm