After the unpredictable decision of the government to ban high-value high-value currency notes of Rs 500 and 1,000 from midnight on Wednesday, On Monday, the government has announced that demonetized currency notes are to now acceptable until midnight of November 24. People have breathed a sigh of relief with the decision.
The Economic Affairs Secretary, Shaktikanta Das has announced this decision in order to give relief to common man. The Prime Minister, in a televised address to the nation on November 8, had declared the high-value currency notes of Rs 500 and Rs 100 will not be legal tender from November8 midnight. PM Modi had said it is a clear war against the black money hoarders and corruption.
While observing that the people have to face several problems standing in the long queues at the bank and ATMs to take the liquid cash, the government has made many changes to the limitations required on cash withdrawal limits. It has increased the exchange limits from RS 4000 to 4500 per day for exchanging of Rs 500 and Rs 1000 currency Notes. Earlier the government was hiked the cash withdrawal limits At ATMs to Rs 2500 from Rs 2000 a day.
Finance Ministry in an official statement also cleared that the weekly limit of Rs 20,000 for withdrawal for bank counters has been increased to Rs 24,000. And the daily limit of Rs 10,000 required on cash has been eradicated.
Let’s have a look at what government has decided to give relief people:
- The exemption on accepting old high-value currency notes Rs 500 and Rs 1000 currency notes in certain categories has been extended to November 24. But no details were given on what these categories are. Exemptions such as petrol pumps, airports, railway tickets, utility bills run out midnight on Monday.
- The limit on withdrawal from ATMs has been extended from Rs 2000 to Rs 2500. ATMs will also be able to dispense Rs 2500 at a time.
- Micro ATMs are being set up to dispense cash against debit and credit cards.
- Special queues will be formed at banks for disabled or senior citizens.
- A special task force headed by a Reserve Bank of India deputy governor has been set up to expedite the process of recalibrating ATMs, which is expected to take 2-3 weeks.
