Rs 500 and Rs 1,000 notes ban: ATMs remain shut as banks replace old currency notes

New Delhi: All ATMs will remain shut on Wednesday and Thursday as banks replace the now declared invalid Rs 500 and Rs 1,000 notes with new currency papers.

On Tuesday night, after the government's announcement of the withdrawal of Rs 500 and Rs 1,000 notes, people rushed to ATMs to withdraw lower denomination valid currency notes.

However, banks closed ATM operations past Tuesday-night. Banks are also closed today for cash balancing and stocking up of lower denomination Rs 50 and Rs 100 notes and high-security new Rs 500 and Rs 2,000 notes.

Rs 500 and Rs 1,000 notes ban: ATMs remain shut as banks replace old currency notes

Representational image. AFP

Customers can deposit their old Rs 500 and Rs 1,000 notes in their bank accounts tomorrow, and also exchange it with a lower denomination or the new security feature Rs 500 and Rs 2,000 notes but with a limit of Rs 20,000 a week.

The new high-security feature Rs 500 and Rs 2,000 notes will initially be available at branches from tomorrow and at ATMs from 11 November.

Since most of the cash deposit machines are inside the branches, people can deposit their old currencies only tomorrow when the branches open.

Meanwhile, the government has cautioned people that since cash deposit in an account above a certain limit will be monitored by Financial Intelligence Unit and tax authorities so one should refrain from someone else money.

Besides, depositing money in bank accounts, the Rs 500 and Rs 1,000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on the production of valid government identity cards like PAN, Aadhaar and Election Card from 10 - 24 November with a daily limit of Rs 4,000.


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Updated Date: Nov 09, 2016 11:41:23 IST

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