Monday, November 14th, 2016

Demonetisation: Exchange limit increased to Rs 4500; ATM withdrawal to Rs 2,500

Narada Desk | November 14, 2016 8:51 am Print
In addition, the weekly limit of Rs.20,000 for withdrawal from Bank accounts has been increased to Rs.24,000

The Finance Ministry on Sunday instructed banks across the nation to increase the daily ATM withdrawal limit from Rs 2,000 to Rs 2,500, days after all Rs 500 and Rs 1,000 notes were demonetised by the government. The amount of old currency that can be exchanged at banks was raised from Rs 4,000 to Rs 4,500.

“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 Arun Jaitly said in a statement Sunday.

In addition, 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 announcement came as Prime Minister Narendra Modi held a meeting with senior ministers and finance officials, including Finance Minister Arun Jaitley, Home Affairs Minister Rajnath Singh and Information & Broadcasting Minister Venkaiah Naidu.

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, Economic Times has reported.

The Income Tax Department has asked banks to keep them informed of deposits of Rs 2.5 lakh and above, and has said previously unaccounted money will be taxed up to 200%. On Sunday PM Narendra Modi urged the nation to bear the inconvenience for another 50 days.

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