The recent demonetisation initiative by PM Modi has the public scrambling to ATMs and banks to get their hands on the new currency and get their worthless old notes exchanged. There’s utter chaos all around. In order to manage this chaos, the government has made numerous alterations to the various limits on cash deposits, withdrawals and exchanges.
Here’s the complete list:
1. The banks have been advised to raise the ATM withdrawal limits to Rs. 2500 from Rs. 2000.Â
2. To exchange your money over the counter at the bank, the limit has been raised to Rs. 4500 from Rs. 4000.
3. The weekly limit on withdrawals has been raised to Rs. 24,000 from Rs. 20,000.
The banks have also received the newly printed Rs. 500 notes, and will be available to the general public. Along with this, ATMs will also start dispensing Rs. 2000 notes from today. Here’s a statement released by the Finance Ministry regarding the matter:
“Instructions have been given to the banks and post offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.”
Furthermore, in order to ensure the quick availability of funds in case of emergencies, banks have been told to place mobile ATMs outside of hospitals for patients and their families.Â
There should not be another instance where a patient’s life is on the line because of lack of funds.
Finally, the finance ministry has also asked the banks to have separate queues for senior citizens and people with disabilities, so as to ensure they do not have to stand in queues for too long.Â
The demonetisation initiative by the Modi government is certainly a radical move and is bound to come with its set of challenges. Every radical change has its transition phase marked with discomfort and uproar.
However, these changes are a positive step to ensure the transition phase post demonetisation is as smooth as possible for the people of the nation.
News Source: The Economic Times