No plan to re-monetise Rs 1,000 note, ATMs being recalibrated: Jaitley


New Delhi, Nov 17, 2016: Clearing the speculations that there was no plan to re-monetise Rs 1,000 notes, Finance Minister Arun Jaitley today said the decision to reduce the exchange limit for demonetised notes to Rs 2,000 is designed to stop the misuse of funds.

Speaking on the issue of ATMs being non-functional, the Finance Minister also said that 22,500 ATMs would be re-calibrated on Thursday.

“The government’s decision to limit the exchange of banned Rs 500 and Rs 1,000 notes to Rs 2,000, from the existing cap of Rs 4,500, would stop misuse of funds,” Jaitley told reporters here.

“As of now, there is no plan to reintroduce Rs 1,000 note,” he said.

He also said that around 10 per cent of ATMs would be recalibrated to dispense new notes.

“22,500 ATMs will be recalibrated today (Thursday) to allow withdrawal of Rs 100, Rs 500 and the Rs 2,000 notes. Nearly 2 lakh ATMs exist as of now,” he added.

He further said the decision to allow withdrawals up to Rs 2.5 lakh in case of marriages was intended as a relief for the common people.

Wefornews Bureau

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