Here is a good news for all the citizens standing in queues outside ATMs and banks to withdraw cash. Withdrawal limit over the counter and from ATMs has been revised by the government on Sunday. From today onwards, you can withdraw Rs. 500 daily from ATMs. This means that you can daily withdraw Rs. 2,500 instead of Rs. 2,000 from ATMs.
Not only this, you can also withdraw much more over the counter. The daily cap on withdrawal of Rs. 10,000 has been scrapped and weekly withdrawal limit
stands at Rs. 24,000 for general public. Farmers will be able to withdraw up to 25,000 rupees per week against their crop loans. You can also exchange more money from banks and post offices on a daily basis. The limit has been revised to Rs. 4,500 from Rs. 4,000 Rs. 2000 with effect from November 18, 2016.
So far, ATMs and banks are mostly offering Rs. 100 notes on withdrawal and exchange of old currency. Rs. 500 notes are expected to be available soon over the counter. ATMs may take some time as they need to be calibrated to hold the new currency notes. Almost 60% ATMs have already been calibrated to release new notes.
Post demonetization of 500 and 1,000 rupees currency notes, people have been queuing up daily outside banks, post offices and ATMs to get hold of liquid money. People have been waiting for 4-5 hours for their number and sometimes find ATMs emptied even before their number comes. In the first 4 days since announcement, about Rs. 4 lakh crores of old Rs. 500 and Rs. 1,000 notes have been deposited in the banking system and about Rs. 50,000 crores have been dispensed to customers by either withdrawal from their accounts or withdrawal from ATMs or by exchange at the counter.
To handle the issue of cash crunch, banks have been advised to ensure the availability of small denomination notes. The Chief Secretaries of the states have been requested to identify the rural pockets where availability of cash has been a problem and provide all support to the banks and post offices in order to alleviate the problems through mobile banking vans and banking correspondents.
At certain places, your old notes are still applicable till 24th November midnight. You can read our blog here to know about the same.