Monday, November 14, 2016

ATM withdrawal limit increased to Rs 2,500/day; Exchange limit Rs 4500

Dear Comrades,

NEW DELHI: The government has announced measures to ensure the smooth withdrawal and deposit of cash at banks, including issue of new Rs 500 notes through ATMs. "Banks have been advised to increase the Business Correspondents’ limit to Rs 2,500 for withdrawal from bank accounts, exchange limit over the counter from the existing Rs 4,000 to Rs 4,500 and cash withdrawal limit at ATMs from the existing Rs 2,000 to Rs 2,500 per day in the recalibrated ATMs," the finance ministry said on Sunday, after a review of the situation. 

The weekly limit of Rs 20,000 for withdrawal from bank accounts has been increased to Rs 24,000. The limit of Rs 10,000 per day has been removed, the statement said on Sunday. 

"Instructions have been given to the banks and post offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes," it said. 

The Centre has asked chief secretaries of states to identify rural pockets where availability of cash has been a problem and provide all support to banks and post offices in order to ensure the last-mile distribution of small denomination notes is done through mobile banking vans and Banking Correspondents (BCs). 

Complaints can be made against businesses such as hospitals, caterers, tent houses etc. that are not accepting cheques, demand drafts and online payment transfer to district magistrates or the district administration for action against such establishments. 

All banks have been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency transactions for patients, it said. Banks have been advised to have separate queues for senior citizens and those with disabilities. Separate queues will also be arranged for exchange of cash and transactions against bank accounts. 

In the first four days — November 10 to 13 , up to 5 pm — about Rs 3 lakh crore of old Rs 500 and Rs 1,000 bank notes were deposited in the banking system and about Rs 50,000 crore was dispensed to customers by withdrawals from accounts, ATMs or by exchange at counters. In three-four days, the banking system handled about 21 crore transactions. 

The finance ministry, RBI and post offices are coordinating arrangements to make notes of all denominations available at all locations. 

The last date for submission of the annual life certificate for government pensioners, which is November every year, has been extended to January 15, 2017. Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment, it added.
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