Exchange limit increase from Rs 4000 to Rs 4500; ATM withdrawal limit raised to Rs 2,500
The government on Sunday lifted several restrictions imposed on
withdrawing money from automated teller machines (ATMs) and banks and exchange
of old notes as it moved to ease the pain and frustration of people reeling
under a cash crunch after the scrapping of some high value currencies last
week.
Banks have been advised to raise the exchange limit over the
counter from 4,000 to 4,500 while the cash withdrawal limit at ATMs will be
increased from 2,000 to 2,500 per day in the recalibrated cash vending machines,
the finance ministry said after it reviewed the situation. The weekly
limit of 20,000 for withdrawing from bank accounts has been increased to 24,000
and the limit of 10,000 per day has been removed.
The finance ministry is coordinating with RBI, banks and post
offices to make notes of all denominations available at all locations. The
government also issued instructions to banks and post offices to ensure proper
distribution of all notes of all denominations. "Banks have also been
specially advised to ensure availability and distribution of small denomination
notes," a finance ministry statement said.
"Coordination is being continuously done by the ministry of
finance with RBI, banks and post offices to make all denomination notes
available at all locations," it said. In a major relief to pensioners, the
government extended the last date for submitting the annual life certificate to
January 15, 2017.
Every year in November, government pensioners are expected to
submit a certificate stating that they are alive. Banks were flooded with old
500 and 1,000 notes. About 3 lakh crore worth of such notes have been deposited
in the banking system and about 50,000 crore has been dispensed to customers
through withdrawal from their accounts or from ATM's or exchange at the
counters. Within three four days, the banking system has handled about 18 crore
transactions
SOURCE:- http://timesofindia.indiatimes.com/india/Banks-asked-to-increase-exchange-limit-from-Rs-4000-to-Rs-4500-ATM-withdrawal-limit-raised-to-Rs-2500/articleshow/55406872.cms
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