Modi reviews demonetization’s impact, holds meeting with senior leaders


Prime Minister Narendra Modi reviewed the recently announced demonetization and its effects with senior ministers after midnight on Monday.

The meeting was held at Prime Minister’s residence and it was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Information and Broadcast Minister Venkaiah Naidu also including the Power, Coal and Mines Minister Piyush Goyal and the top officials of the Finance ministry.

The meeting comes after the chaos and unrest among the citizens of the country over less cash available due to the sudden demonetization of Rs 500 and Rs 1,000 currency notes by Modi government.

There was a little relaxation for people as they gained cash on Sunday queuing up outside banks and ATMs, branches witnessed rushed since early morning and leading to arguments and fights.

Earlier, the limit of exchanging the old demonetized currency with new notes of 2000 and 500 rupees has been increased to Rs 4500 from 4000. Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day.

The weekly limit of Rs 20,000 for withdrawal from bank counters has been increased to Rs 24,000. The maximum limit of Rs 10,000 per day on such withdrawals has been removed, the ministry said in a statement.

Wefornews Bureau

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