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Demonetisation drive, ATM chaos: Finance Ministry increases cash withdrawal and exchange limits

The Finance Ministry after receiving reports from states, banks and other sources, reviewed the position regarding availability and distribution of all denomination of bank notes on Sunday after a review meet in New Delhi.

Banks and Post Offices have been instructed to ensure proper distribution of all denomination notes. In addition, banks have also been especially advised to ensure that small denomination notes are available and distributed.

Here are the major outcomes of the review meet:

  1. Banks have been advised to increase the Business Correspondents limit to Rs 2500 for withdrawal from bank accounts.
  2. Banks have been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.
  3. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs 2000 to Rs 2500 per day in the recalibrated ATMs.
  4. The weekly limit of Rs.20,000/- for withdrawal from Bank accounts has been increased to Rs.24,000. The limit of Rs.10,000 per day has been removed.

Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment.

Updated Date: Nov 13, 2016 21:13 PM

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