1. Demonetisation drive: Rs 3 lakh crore deposited, Rs 50,000 cr dispenssed after Rs 500, Rs 1000 notes ban

Demonetisation drive: Rs 3 lakh crore deposited, Rs 50,000 cr dispenssed after Rs 500, Rs 1000 notes ban

Demonetisation drive: In the first four days of demonetization, about Rs 3 lakh crore of old Rs 500 and Rs 1000 notes were deposited in banks while Rs 50,000 crore has been dispensed to public, finance ministry said on late Sunday.

By: | New Delhi | Published: November 14, 2016 9:44 AM
Banks have also been advised to increase the Business Correspondents limit of dispensing cash to Rs 2500/- for withdrawal from bank accounts. (Reuters) Banks have also been advised to increase the Business Correspondents limit of dispensing cash to Rs 2500/- for withdrawal from bank accounts. (Reuters)

Demonetisation drive: In the first four days of demonetization, about Rs 3 lakh crore of old Rs 500 and Rs 1000 notes were deposited in banks while Rs 50,000 crore has been dispensed to public, finance ministry said on late Sunday. The banking system has handled about 18 crore transactions during the period, it said, adding that issuance of the new series of Rs 500 notes has commenced. Banks were dispensing Rs 100 and new Rs 2000 notes in exchange of old notes.

“Instructions issued to the banks and post offices to ensure proper distribution of all denomination notes including small denominations up to the last mile including through mobile banking vans and banking correspondents (BCs),” it said in a statement. Demonitisation began on November 10.

Banks have also been advised to increase the Business Correspondents limit of dispensing cash to Rs 2500/- for withdrawal from bank accounts. Banks have been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500. 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, other ATMs will continue to dispense Rs 50 and Rs 100 notes until they are recalibrated.

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.

Chief Secretaries of the States have been requested to identify the rural pockets where availability of cash has been a problem and provide all support to the banks and Post Offices.

“It has been reported that certain business houses such as hospitals , caterers , tent houses etc. are not accepting cheques/demand drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates for action against such establishments,” it said.

Banks have also been advised to make arrangements for separate queues for Senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against bank accounts.

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