Economic Affairs Secretary Shaktikanta Das announced that there is “no need to panic” over the demonetisation of old Rs 500 and Rs 1000 currency notes as there was enough cash in the system.
Addressing media persons on Monday, Das announced that the government was taking adequate measures to solve the crisis. Following are the highlights of his statement:
- Situation relating to supply and availability of cash was reviewed by PM Modi late last night
- RBI informed the Finance Ministry that there is enough cash available in the system. No need for public to panic
- He said new Rs 500 notes were issued by banks from Sunday onwards and this will ease the pressure on banks and improve liquidity in market
- Rs 2000 notes will be available in ATMs from tomorrow
- Number of recalibrated ATMs will be enhanced within next few days, task force setup by Deputy Governor of RBI
- Large number of micro ATMs to be deployed to contain the crunch.
- Cash supply to post offices have been increased
- Daily limit of withdrawal from ATMs has been increased from Rs. 2000 to Rs. 2500 and the exchange limit has been raised from Rs. 4,000 to Rs. 4,500.
- Banks are also advised to increase the weekly withdrawal limit to Rs. 24,000 and scrap the daily cap.
- Separate queues for senior citizens and people with disabilities.
- Over 1.2 lakh banking correspondents will be authorised to disburse up to Rs 50,000 per day.
- The Finance Ministry will issue press updates periodically to curb misinformation and rumour