1. Demonetisation: Half of ATMs likely to be recalibrated within 1 week, says a Finance Ministry official

Demonetisation: Half of ATMs likely to be recalibrated within 1 week, says a Finance Ministry official

Demonetisation: With queues outside banks and ATMs increasing with every passing day, the government on Wednesday said that half of ATMs will be recalibrated in one week.

By: | Published: November 16, 2016 2:13 PM
In a much-needed relief to the people facing cash crunch, the finance ministry on Sunday raised the limit for daily withdrawals from ATMs to Rs 2,500. In a much-needed relief to the people facing cash crunch, the finance ministry on Sunday raised the limit for daily withdrawals from ATMs to Rs 2,500.

Demonetisation: With queues outside banks and ATMs increasing with every passing day, the government on Wednesday said that half of ATMs will be recalibrated in one week. A finance ministry official told BTVi that the government has also stepped up printing of Rs 500 notes. “Draft GST laws to be taken up for discussion in November 24-25 GST Council meet and the revised draft of GST laws has been sent to states for feedback,” the official said when asked about GST.

In a much-needed relief to the people facing cash crunch, the finance ministry on Sunday raised the limit for daily withdrawals from ATMs to Rs 2,500. But according to a press release by the finance ministry, one can withdraw Rs 2500 only from recalibrated ATMs. “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 press release said. “A special task force has been setup to expedite the entire process of recalibrating ATMs. The task force will be chaired by the RBI Deputy Governor and it will have representatives of financial services, banks, and Ministry of Home Affairs as its members. This task force has been instructed to work out a strategy to expedite the whole process of recalibration of the ATMs,” Shaktikanta Das said.

Yesterday, Revenue Secretary Shaktikanta Das said that bank branches will use indelible ink marks on those who exchange old notes for new ones. “We have been trying to analyse reasons for long queues, it has come to our notice that same people are coming again at same places. To solve this problem we have decided to use indelible ink marks, similar to elections, on cash counters,” he said. Indelible ink mark concept will start today in major cities, he further added.

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