Old notes to be accepted till Nov 24, micro ATMs coming: 5 points from PM’s meet
Prime Minister Narendra Modi held a special meeting in the early hours of Monday to take a stock of the government’s demonitisation scheme that is aimed at draining illegal cash from the economy.
The move – under which the Centre has withdrawn old Rs 500 and Rs 1000 notes – has sparked chaos and confusion across the country with millions of consumers queued outside banks and ATMs. Here’s what economic affairs secretary Shaktikanta Das told news agency ANI after the meeting:
1. The exemption on accepting old Rs 500 and Rs 1000 notes in certain categories has been extended to November 24. But no details were given on what these categories are. Exemptions such as petrol pumps, airports, railway tickets, utility bills run out midnight on Monday.
2. The limit on withdrawal from ATMs has been extended from Rs 2000 to Rs 2500. ATMs will also be able to dispense Rs 2500 at a time
3. Micro ATMs are being set up to dispense cash against debit and credit cards
4. Special queues will be formed at banks for disabled or senior citizens
5. A special task force headed by a Reserve Bank of India deputy governor has been set up to expedite the process of recalibrating ATMs, which is expected to take 2-3 weeks.