Shaktikanta Das

The whole nation is praising PM Narendra Modi’s decision of banning Rs 500 and Rs 1000 notes, but there is a lot of struggles for few small business people and bank employees. Even the banks all over India has worked on this weekend, people have faced massive troubles for depositing cash and Withdrawl of money from ATMs.

However to remove the issues raised by Rs. 500 and Rs. 1000 ban, Central Finance Ministry has come up with a new statement especially this is good news for Current Account holders. The latest update is that candidates who have opened current accounts before three months, withdraw limit raised for those. As per latest reports, for current account holders withdraw limit rose to Rs 50,000 and daily withdraw limit fixed to Rs. 2.5 lakh.

Form for the Exchange of Rs. 500 and 1000 Notes in Banks : Detail Process Explained

After performed a high-level meeting with PM Narendra Modi, Economics Affairs Secretary Shaktikanta Das said that it has decided to activate all channels for providing cash. About rural areas, he said cash holding limit for 1.2 lakh banking correspondents (BCs) had been increased to Rs 50,000, and banks have been given litheness to increase this limit on the case to case basis.

For the Urban people, Shaktikanta Das said recalibration of ATMs has already started, and they can start to supply the new Rs 2,000 currency notes from Yesterday onwards. Speaking with media, he also said that banks have requested to cancel all debit card and credit card transactions for current accounts. By keeping the public difficulties in mind, new micro ATMs will be established across the country, Das said.

How to Exchange Notes Rs.1000 and Rs.500 Explained in Detail

Reserve Bank of India has already started dispensing high-security Rs 500 notes from Monday onwards. Das mentioned that “There is enough cash with the RBI and people, please don’t panic and we are trying to provide more facilities in coming days.”

Meanwhile, Government has already extended the use of old Rs 500 and 1000 notes for paying household utility bills, fuel, taxes, purchases from co-operative stores till November 24. Many decisions regarding increase cash supply had taken after watching people difficulties. The meeting was attended by the Home Minister, Minister of Coal and Minister State for Finance. RBI Governor and Deputy Governor were also a part of the high-level meeting.

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