New Delhi:
Economic Affairs Secretary Shantikanta Das on Monday announced a slew of measures to ensure better distribution of cash within public after demonetisation of old notes of Rs 500 and Rs 1000 denominations.
The Department of Economic Affairs on Sunday had clarified that special exemption on use of old series currency of Rs 500, 1000 denomination for certain categories has been extended till November 24 midnight to facilitate smooth transition to new notes.
The Government on November 8 banned old notes of Rs 500 and Rs 1000 to curb black money and corruption in India, effectively forcing 86 per cent of Indian currency out of circulation.
The massive change has brought banking system to its knees as scores of people continue to queue up outside banks and ATMs to get valid currency for daily use. To take effective steps towards solving the issue, Economic Affairs Secretary announced following solutions:
Top quotes from presser of Economic Affairs Secretary Shantikanta Das:
#Banks will increase the cash holding limit with the banking correspondent to 50k: Economic Affairs Secy
#Recalibration of ATMs has started and by today or tomorrow will start dispensing new notes of Rs 500 and Rs 2000: Shaktikanta Das
#Large number of micro ATMs will be installed throughout the country, and they will dispense cash on Credit Crad /Debit card with same limits and rules as ATMs: Shaktikanta Das
#To reduce inconvenience, daily limit has been removed only weekly limit of Rs 24000 is applicable on drawing cash: ShaktiKanta Das
#Only recalibrated ATMs will give Rs 2500 per withdrawal
# For salary transactions, business accounts withdrawal limit has been set to Rs 50,000: Das
#There shall be separate queues for senior citizens, divyanags, for people coming for account access, people coming for note exchange
#Deadline to submit Life certificates for Pension accounts increased to Jan 15, 2017: Economic Affairs Secy
#There are around 2 lakh ATMs, but some ATMs may not be working due to inaccess to correct currency notes, but task force is set up to correct that: Das
#Enough cash is available within system, no need to panic: Economic Affairs Secy
(As it Happened: read full coverage of Press Conference here)
