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.

FP Staff November 13, 2016 21:13:06 IST
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:

also read

Union Budget 2022-23: Understanding the government's annual financial statement
Business

Union Budget 2022-23: Understanding the government's annual financial statement

The Union Budget by the government presents an overall picture of the financial position of the Government of India, including that of Indian Railways

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman
Business

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman

If India is going to break into the next generation of economic reform, there is a dire need for bold steps both on the expenditure and revenue sides