In a much needed relief to the people facing cash crunch following Prime Minister Narendra Modi’s historic decision of demonetisation of Rs 500, Rs 1000 notes, the central government has granted exemption to “certain category of transactions” where old series of Rs 500 and Rs 1000 notes can be accepted. During an interaction with media Economic affairs secretary Shaktikanta Das said there is focus on distribution of cash and emphasis on improving convenience. He also said the Centre is considering to activate all channels whereby cash is dispensed to the public. He added that 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 whole process of recalibration of the ATMs,” Das added.
1. Working on to improve cash distribution.
2. Recalibration of ATMs has started.
3. The Centre to set up task force to expedite the process.
4. Bank employees have been working overtime.
5. Prime Minister Narendra Modi apprised of situation.
6. Centre hikes exemption limit for corporate current accounts to Rs 50,000 per week.
7. There is not need to panic for public as in coming days enough cash will be available in every channel.
8. Number of recalibrated ATMs will be enhanced within next few days.
9. Supply of cash to 1.3 lakh branch post offices will be enhanced.
10. Wherever possible, e-transactions should be the first option and resort to cash transactions should be made only in rarest of the rare cases. This would also reduce considerable pressure on the cash requirement.