1. Demonetisation: You can’t withdraw Rs 2,500 from all ATMs, here’s why

Demonetisation: You can’t withdraw Rs 2,500 from all ATMs, here’s why

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 you still won't be able to dispense Rs 2,500 from every other ATM....

By: | Updated: November 14, 2016 1:03 PM
According to a press release by the finance ministry, one can withdraw Rs 2500 only from recalibrated ATMs. According to a press release by the finance ministry, one can withdraw Rs 2500 only from recalibrated ATMs.

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 you still won’t be able to dispense Rs 2,500 from every other ATM. 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.

Earlier today the central government granted an exemption to “certain category of transactions” where old series of Rs 500 and Rs 1000 notes can be accepted. “The limit for such transactions is being extended from 14th November midnight to 24th November midnight,” Economic Affairs Secretary (EAS) Shaktikanta Das said. The old notes will be accepted at government hospitals, petrol bunks among others. Das said that RBI assured him that there was enough cash available for circulation in the system. Das also said that there will be separate queues for those visiting banks to swap old notes. Separate queues for senior citizens and “divyang” will also be implemented to ease the process of swapping currency.

ALSO READ: Here is everything you want to know about demonetisation and different ways of demonetisation

PM Narendra Modi chaired a meeting of senior ministers past midnight on Monday to review the demonetisation process and its impact so far. The meeting, held at the prime minister’s residence, saw Cabinet Ministers Rajnath Singh, Arun Jaitley, Venkaiah Naidu, Piyush Goyal and other top officials of the Finance Ministry in attendance.

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