Rs 2,000 Notes In ATMs From Today Or Tomorrow, Says Government: 10 Latest Developments SECTION

Withdrawal limits have been raised at ATMs, banks shut
today for Guru Nanak Jayanti
Economic Affairs Secretary Shaktikanta
Das said the supply of cash will be
increased to post offices and a special
team is working on recalibrating ATMs so
they can dispense new Rs 2,000 notes.
New Rs 500 notes were launched on
Sunday.
The government has raised the daily limit
of withdrawal from ATMs from Rs. 2,000
to Rs. 2,500 and exchange limit at banks
from Rs. 4,000 to Rs. 4,500. Banks have
been asked to raise the weekly withdrawal
limit to Rs. 24,000 and scrap the daily
cap.
New micro cash machines will be installed
across the country, said Mr Das. The
government would also raise the cash
withdrawal limit of at least three-month
old current accounts to Rs. 50,000 per
week.
The measures were announced hours after
PM Modi held a meeting after midnight on
Sunday to review the demonetization of
the two highest currency notes, a move to
bring billions in black or untaxed money
into the mainstream economy and check
terror funding.
"By turning 500, 1000 notes into worthless
paper, I have removed economic disparity.
I am trying my best to do whatever I can
to lessen your difficulties," PM Modi told a
large gathering at Ghazipur in Uttar
Pradesh today, adding that he was only
asking for 50 days whereas the Congress
"turned the country into jail for 19
months".
In a series of public meetings on Sunday,
he had said the nation had elected him to
fight corruption and he was ready to do
even though he faced a threat to his life.
"I know the forces up against me, they
may not let me live... they may ruin me
because their loot of 70 years is in
trouble, but I am prepared," he said in an
emotional speech in Goa.
Banks have received 3 trillion rupees
($44.4 billion) in deposits in the first four
days since the currency ban, the Finance
Ministry said in a statement late on
Sunday.
Since last week, long queues at banks and
ATMs have become routine for millions
rushing to replace banned notes - the
deadline is December 30 - or withdraw
valid currency. The Reserve Bank of India
has urged people to not withdraw cash
repeatedly and hoard it.
Many of the machines have to be re-
calibrated for the new Rs 2,000 notes.
"The number of recalibrated ATMs will be
stepped up in the next few days," said Mr
Das
Opposition parties have banded together
against the demonetization, with the
Congress and Arvind Kejriwal accusing PM
Modi of leaving ordinary people in the
lurch. Mamata Banerjee's Trinamool will
meet the Congress and other parties today
ahead of parliament's winter session from
Wednesday.

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