Within 5 days after starting the demonetization process, Government has issued directives to banks to increase the cash withdrawal limit at ATMs and cash counters. The revised rate is Rs. 2500 instead of the previously announced Rs. 2000 per day in the recalibrated ATMs.
Moreover, the weekly withdrawal limit has been increased to Rs. 24000 from the previous Rs. 20000. In a statement, the finance ministry added that the limit of Rs. 10000 per day has been removed.
Banks are told to make special arrangements for senior citizens and physically challenged persons. Furthermore, the exchange limit has been increased from Rs. 4000 to Rs. 4500. Hence, you can give your old currency for Rs. 4500.
There are reports that Government as given special instructions to hospitals and traders to accept bank cheques as mode of payment.
We think these steps by the Government as the step in right direction. We also hope that the Demonetization of Rs. 500 and Rs. 1000 currency notes will strengthen our economy to a great extent.
