Demonetisation impact: People across the country has been facing cash crunch since Prime Minister Narendra Modi announced the historic decision of demonetisation of Rs 500, Rs 1000 notes. Several reports of people experiencing inconveniences have come to the fore. Notably, most Union ministers and BJP leaders are also receiving calls from different people about troubles they are facing. Union Minister for Urban Development, Information and Broadcasting M Venkaiah Naidu got a call from Tirupati temple authorities with a complaint that hundreds of pilgrims could not find cash to buy food. Coming to the rescue of the pilgrims, the minister suggested that the temple could offer free food for a few days since the demonetisation move is for a “national cause.” The temple authorities agreed and offered free meals to pilgrims, Naidu said.
In a bid to ensure that people in rural areas are able to get access to cash, the Union government has enhanced the currency limits of banking correspondents, allowed them multiple visits to banks and disburse more money through branch Post Offices. The daily withdrawal limit from ATMs has now been hiked to Rs 2,500 from Rs 2,000 and exchange of old notes from bank counters to Rs 4,500 from Rs 4,000. There are over 200,000 ATMs in the country. Economic Affairs Secretary Shaktikanta Das said the daily withdrawal limit from ATMs has now been hiked to Rs 2,500 from Rs 2,000 and exchange of old notes from bank counters to Rs 4,500 from Rs 4,000. There are over 200,000 ATMs in the country.
The upper limit for weekly withdrawals from bank accounts has been raised to Rs 24,000 from Rs 20,000. For this, a person need not make multiple visits to the bank and can withdraw the amount in a single attempt. Other steps initiated include separate queues for senior citizens, the physically challenged and for those who want to exchange demonetised notes, and extension till November 24 the use of old notes at petrol stations, pharmacies and utilities. Also, the government relaxed withdrawal limit for current accounts to Rs 50,000 per week to ensure sundry payments, especially wages to labourers are not blocked.
The last date for submission of the annual life certificate for the government pensioners has been extended up to January 15, 2017, from November this year.