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Watch | Micro ATMs to be installed, daily cash limit removed, weekly limit set to Rs 24000: Economic Affairs Secy

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.

News Nation Bureau | Edited By : Arshi Aggarwal | Updated on: 14 Nov 2016, 12:58:58 PM

New Delhi:

Economic Affairs Secretary Shaktikanta Das addressed media on the issue of demonetisation on Monday. 

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. 

Highlights of his presser: 

#Banks system and staff is overstressed, mobile banking is being encouraged: Economic Affairs Secy

#Hardware and Software needs to be updated in all machines: 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

#Deadline to submit Life certificates for Pension accounts increased to Jan 15, 2017: Economic Affairs Secy

#Enough cash is available within system, no need to panic: Economic Affairs Secy 

#There shall be separate queues for senior citizens, divyanags, for people coming for account access, people coming for note exchange

#Online transactions fee advised to be waived off: ShaktiKanta Das

# For salary transactions, business accounts withdrawal limit has been set to Rs 50,000: Das

#Only recaliberated ATMs will give Rs 2500 per withdrawal (Read full story here)

#To reduce inconvinience, daily limit has been removed only weekly limit of Rs 24000 is applicable on drawing cash: ShaktiKanta Das

#18 crore transactions have been done in past two days: 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

#Recalibration of ATMs has started and by today or tomorrow will start despensing new notes of Rs 500 and Rs 2000: Shaktikanta Das

#The focus of the Govt is to activate all channels whereby cash is dispensed to the public: Shaktikanta Das,EA secretary

#Banks will increase the cash holding limit with the banking correspondent to 50k: Economic Affairs Secy 


Also read: 

Live updates on demonetisation vows: Nation suffers as banks closed, ATMs run dry in parts of India

Midnight cabinet meet on demonetisation: ATM withdrawal limit increased to 2,500; Old notes to valid in emergency services till Nov 24

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First Published : 14 Nov 2016, 10:34:00 AM