ATMs started dispensing new Rs.500 notes, Latest updates

Some sections in the country like the people living in Delhi and Bhopal got immediate relief as the ATMs started dispensing new Rs.500 notes this Sunday, November 13, 2016. Some SBI ATMs were successfully recalibrated to start giving away the new Rs.500 notes. Also, the Finance Minister Arun Jaitley said that it would take 21 days more to recalibrate all two lakh ATMs in the country.

The entire country has got affected with currency crunch after PM Modi announced the demonetization of old Rs.500 and Rs.1000 notes on November 8. But with the introduction of the new Rs.500 notes, there has been some relief to this currency crunch. Read to know the latest updates:

1. Increased in withdrawal limits from ATMs and exchange limits

Within hours of launching the new Rs.500 motes, the government announced an increase in the daily withdrawal limit from ATMs from Rs.2000 to Rs.2500. The exchange limit also increased from Rs.4000 to Rs.4500.

2. Change in withdrawal limits at banks

The government also asked banks to remove the daily withdrawal limit of Rs.10,000 from banks. Plus the weekly withdrawal limit has been increased from Rs.20,000 to Rs.24,000. This suggests that you can now withdraw an amount of up to Rs.24,000 per week at one time at the banks through cheque.

3. Separate queues for special cases

The banks have been advised to have separate queues for senior citizens and for people with disabilities to make the process easier for them.

4. Old notes can be used till Nov 24

After cabinet meeting on Sunday night, it was announced that people can use the old Rs.500 and Rs.1000 notes till November 24 midnight. The old demonetized notes will be accepted at government hospitals, petrol pumps and toll booths till Nov 24.

5. Don’t hoard money

The Reserve Bank of India has urged/requested people to not withdraw cash repeatedly and hoard it. You should only take out a sufficient amount of money to feed your daily expenses so that everyone can get their share of money. The government reassured people that there is enough cash with the RBI and they shall gradually supply cash to bank branches and ATMs so no need to stack up cash at home again.

6. ATMs running out of cash

Even after 5 days from PM’s announcement on demonetization of Rs.500 and Rs.1000 notes, only 60% ATMs have got cash filled. Out of the total 2 lakh ATMs in the country, 1.2 lakh are running and even they run out of cash within a few hours.

7. Large amounts of deposits

SBI, the State Bank of India has got deposits worth Rs.75945 crore by the evening of Sunday, November 13, 2016. Lot of money is coming into the banks.

8. ATMs not efficient of dispensing new currency

The government had launched new Rs.2000 notes last week and this Sunday on Nov 13 new Rs.500 notes have also be launched. But none of the two new currency notes can be stacked in ATM machines due to a mismatch in tray size. According to the Union Finance Minister Arun Jaitley, it can take up to 2 weeks in completing the recalibration of ATMs at all places for dispensing the new currency notes.

9. Mobile banking van in rural areas

Mobible banking van will be sent to rural areas to help those people face the lateset currency crunch.

10. PM Modi asks citizens’ support for 50 days

PM Modi asks for citizens’ support for 50 days to build dream India. He said that he is trying to take out the black money stacked since last 70 years and if his decision comes out to be wrong after these 50 days, he takes all responsibility of it. He also shared that he has more plans in mind to fight corruption, which would be executed in the coming times.