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Govt extends use of old currency notes in certain utilities till Nov 24

Sakshi Chaturvedi

Sakshi ChaturvediBy Sakshi Chaturvedi

Published on 14 Nov 2016 4:26 AM GMT

Govt extends use of old currency notes in certain utilities till Nov 24
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New Delhi: Extending the deadline for the second time amid a nationwide scramble for cash, the government has announced that the old currency notes would be accepted at government hospitals, petrol pumps and toll booths till November 24.

A decision to this effect was taken at a high-level meeting taken place late last night and ocntinued till wee hours on Monday. Keeping in view the problems being faced by the people all over the country, the Government decided to extend use of old currency notes of Rs 500 and Rs 1000 in some key utilities.

The Finance Ministry has also increased the limit of amount to be deposited in banks and withdrawn from the ATMs after reviewing the availability and distribution of all denomination of bank notes in the country. Banks have been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500 and to increase the cash withdrawal limit from the existing Rs 2000 to Rs 2500 per day in the recalibrated ATMs.

According to the sources from Ministry of Finance, “Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at all locations.” The officials said that the banks and post offices have been instructed to ensure proper distribution of all denomination notes. “Banks have also been especially advised to ensure the availability and distribution of small denomination notes,” a statement from the ministry said.

What else has been said by the finance ministry:

  • The issuance of the Rs. 500 notes has been commenced.

  • Banks have been advised to increase the Business Correspondents limit to Rs 2500- for withdrawal from bank accounts.

  • The weekly limit of Rs.20, 000 for withdrawal from Bank accounts has been increased to Rs.24, 000.

  • The limit of Rs.10,000 per day has been removed.

  • The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended up to January 15, 2017.

  • Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang persons.

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

  • Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices.

Sakshi Chaturvedi

Sakshi Chaturvedi

A journalist, presently working as a Sub-Editor at newstrack.com.

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