Recent Developments on the exchange of demonetised banknotes with new INR 500 & INR 2000 banknotes

The Finance Ministry reviewed the position regarding availability and distribution of all denomination of bank notes on Sunday. Some of the key outcomes of the review meet are as follows:

  1. The Finance ministry has asked the banks to remove the daily withdrawal limit of Rs. 10,000 and increase the weekly withdrawal limit of Rs. 20,000 to Rs. 24,000, so that the entire amount can be withdrawn at one time by cheque.
  2. Banks have been advised to increase the Business Correspondents limit to Rs 2500- for withdrawal from bank accounts. They have also been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.
  3. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs 2000 to Rs 2500 per day.

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The blog is based on author’s personal views and does not take any responsibility of the same.
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