Sunday, 13 November 2016

Old Notes Valid For 10 More Days

Old Rs. 500 and Rs. 1,000 notes, scrapped last week in a sudden announcement by Prime Minister Narendra Modi, will be accepted at government hospitals, petrol stations and toll booths till November 24, the government announced on Monday morning, extending the deadline for the second time amid a nationwide scramble for cash. The government has also increased the limit on cash withdrawals from bank accounts.

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.