Bangalore: To ease the public life the government has increased the limit of the current transaction, it has increased the daily and weekly transaction limit.
The daily withdrawal from ATMs has now been hiked to Rs 2,500 from Rs 2,000 earlier, Also, the limit that had been imposed on exchange of old Rs 500 and Rs 1000 notes has been enhanced to Rs 4,500.
The limit of Rs 10,000 per day withdrawal has been removed, the ministry said in statement here.
The upper limit for weekly withdrawals from bank accounts has been raised to Rs 24,000 from Rs 20,000.
Amid unending queues of cash-starved citizens at banks and relentless attacks by the opposition, the government on Sunday announced an increase in withdrawal limits at banks and ATMs.
The Finance Ministry has issued a fresh advisory to the banks. Incidentally, the RBI has also started issuing the new Rs 500 note, a decision that will ease the liquidity crunch that common man was facing with the Rs 2,000 note
The Centre also urged the states to "facilitate the opening of new bank accounts" and last-mile distribution of small denomination notes as it announced that the new Rs 500 note had been issued.
Following a review meeting, the Ministry decisions came a day after Prime Minister Narendra Modi returned to India from Japan and made an impassioned plea to the citizens while addressing public meetings in Maharashtra and Goa.
He sought 50 days' time until December 30 to tide over the cash crisis and weed out the ill-gotten wealth in the country's economy.
Lakhs of people have virtually mobbed banks and ATMs all over the country since Thursday when the banks opened after a day's closure. Banks have also been told to cater separately to senior citizens and the handicapped.
It has to be noted that from November 10th to 13th, about Rs 3 lakh crore of old Rs 500 and 1000 bank notes have been deposited in the banking system and about Rs 50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM's or by exchange at the counter.
The above government decision should bring some smile on the some of faces of the people as they whould not have to visit the bank for more Notes..
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