1. Demonetisation: Relief for you! Service charge on use of debit cards waived off

Demonetisation: Relief for you! Service charge on use of debit cards waived off

The government has decided that no service charge will now be levied for use of debit cards.

By: | Updated: November 23, 2016 6:39 PM
demonetisation, demonetisation news, demonetisation effect, black money, demonetisation effect in India Modi government’s latest move to ease woes of common man due to the ongoing demonetisation drive is bound to make you happy! (Reuters file photo)

Modi government’s latest move to ease woes of common man due to the ongoing demonetisation drive is bound to make you happy! The government has decided that no service charge will now be levied for use of debit cards. Department of Economic Affairs Secretary Shaktikanta Das has said that till December 31, 2016, no service charges will be levied on debit cards and that the move is meant to ensure greater penetration of digital transaction. Meanwhile, to encourage digital transactions, the RBI has increased the doubled the limit on the balance that one can keep in e-wallets. The limit has been enhanced from Rs 10,000 to Rs 20,000.

The Narendra Modi government has come under severe criticism from the Opposition for its move to demonetise old Rs 500 and Rs 1000 notes. The reaction on the ground has, however, been mixed. While most people have lauded the move to check black money and corruption, many have said that the implementation, especially when it comes to availability of currency, should have been much better.

 

Struggling to deal with growing anger among the public over cash crunch, the Modi government is issuing new guidelines every few days. These are based on public feedback and are aimed at reducing the problems that common man is facing, following the massive demonetisation drive. The government has also warned that those who are using other people’s bank accounts to convert their black money will be severely punished. Not only that, those who allow their accounts to be misused for this purpose will also face prosecution.

Meanwhile, ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs 2500 per withdrawal. This will enable dispensing of lower denomination currency notes for about Rs 500 per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense Rs 2000 till they are recalibrated. Various news reports suggest that queues outside banks and ATMs are getting shorter, and the situation is expected to further ease in the coming days.

 

Please Wait while comments are loading...

Go to Top