After a key announcement made by PM Narendra Modi to fight against black money that Rs 500 and Rs 1,000 notes would no longer be legal tender, there has been a lot of confusion over the shortage of cash. Many people could not withdraw the sufficient amount of money either from banks or from ATMs as the government restricted the withdrawal of cash up to a limit.
People could not meet their basic needs due to the limitation over cash. Now, considering the inconvenience of the common people government had increased the withdrawal limits. Within three-four days, the banking system has handled about 21 crore transactions.
Check New Withdrawl Limits:
Now, the cash withdrawal limit at ATMs increased from Rs 2000 to Rs 2500 per day in the recalibrated ATMs. Also, the exchange limit over the counter raised from existing Rs 4000 to Rs 4500. Weekly limit of Rs 20,000 for withdrawal from bank accounts increased to Rs 24,000 Moreover, the limit of Rs 10,000 per day removed.
The last date for submission of annual life certificate for government pensioners usually submitted in November every year, extended up to January 15, 2017. The finance ministry advised increasing the issuance and use of mobile wallets and debit/credit cards so as to provide them greater ease for big transactions.
Tweets By Finance Ministry:
Banks advised to increase withdrawal limit from BCs to Rs. 2500, exchange limit over the counter increased to Rs. 4500 from 4000… 1/3
— Ministry of Finance (@FinMinIndia) 13 November 2016
… withdrawal limit from ATMs increased to Rs. 2500 from Rs. 2000, weekly withdrawal limit to Rs. 24000 from Rs. 20000… 2/3
— Ministry of Finance (@FinMinIndia) 13 November 2016
…and daily withdrawal limit of Rs. 10000 has been removed. 3/3
— Ministry of Finance (@FinMinIndia) 13 November 2016
PM Modi said that “it was his duty to fight black money. He said that the people have chosen a government and they expect so much from it. In 2014, so many people voted for a nation free from corruption. Demonetization is an important step towards eradicating corruption and black money, but some people are lost in their own world.”