Banks have been told to increase the exchange limit over the counter from the existing Rs. 4000 to Rs. 4500.

Rs 3 lakh crore old notes deposited in banks 21 crore transactions in 4 days
news Demonetisation Monday, November 14, 2016 - 08:50

The Ministry of Finance has announced that in the first four days of demonetization from November 10 to November 13 (upto 5 pm), about Rs 3 lakh crore of old Rs 500/- and 1000/- bank notes have been deposited in the banking system.

Further, about Rs 50,000 crore has been dispensed to customers either by withdrawal from their accounts, withdrawal from ATM’s, or by exchange at the counter.

The banking system has handled about 21 crore transactions in four days. The issuance of the new Rs. 500 note has also commenced.

The government has also listed out several steps to be taken to ease the pressure on people.

Chief Secretaries of the states have been requested to identify the rural pockets where availability of cash has been a problem and to provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes.

The Government of Assam has arranged Mobile Banking Vans with support of banks and state government staff at certain hospitals for carrying out emergency banking transactions. All banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.

Banks have been advised to make arrangements for separate queues for senior citizens and disabled persons.

They have also been told to increase the exchange limit over the counter from the existing Rs. 4000 to Rs. 4500.

Banks have been instructed to increase the cash withdrawal limit at ATMs from the existing Rs 2000 to Rs 2500 per day in the recalibrated ATMs. 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 government has also encouraged complaints to be filed against hospitals and government owned stores, which do not accept old notes.

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