Banks to raise exchange limit to Rs 4,500, withdrawal at ATM to be Rs 2,500

Tribune News Service

New Delhi, November 13

The Centre on Sunday revised the currency limits, increasing the exchange limit from Rs 4,000 to Rs 4,500 at the bank counter and withdrawal at ATM to Rs 2,500 per day. Withdrawal from bank account was raised to Rs 24,000 per week and the Rs 10,000 per day limit was removed.

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After reviewing the currency exchange, availability and distribution of various denominations going on since November 10, the Ministry of Finance also advised banks to increase the Business Correspondents limit to Rs 2,500 for withdrawal from bank accounts.

The Centre had initially placed a cap on ATM withdrawal at Rs 2,000, from accounts at Rs 10,000 per day with weekly limit of Rs 20,000 and exchange of currency at any bank, post-offices at Rs 4,000.

What you need to know

— Limit of old notes that can be exchanged with new ones raised from Rs 4,000 to Rs 4,500 per day.

— Cash withdrawal limit at ATMs hiked to Rs 2,500 from Rs 2,000 per day.

— Weekly limit of Rs 20,000 for withdrawal from bank counters increased to Rs 24,000.

— Daily limit of Rs 10,000 for withdrawal at bank counters removed.

Banks have been advised to make arrangements for separate queues for senior citizens and persons with different abilities.

Separate queues will also be arranged for exchange of cash-to-cash and transactions against bank accounts.

It has been reported that certain business houses like hospitals, caterers, tent houses, etc., are not accepting cheques/demand drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.

Official spokesperson of the government, Frank Noronha announced that in the first four days, till close of bank hours this evening, about Rs 3 lakh crore of old Rs 500 and Rs 1,000 notes were deposited in the bank accounts.

Banks have dispensed with Rs 50,000 crore to customers either through withdrawals from their accounts or from ATM and exchange of counter. The total transactions stand at 21 crore.