To dispense Rs 20, Rs 50 notes soon says SBI chief

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MUMBAI, 15 Nov: In an attempt to provide a sense of relief to the people, State Bank of India (SBI) chairperson Arundhati Bhattacharya announced that the bank will soon start dispensing Rs 50 and Rs 20 currency notes to further help the public.

The SBI chief has stated that the workload in all of their branches in the southern states has declined to almost 50 per cent.

While speaking about the inconvenience caused to the people with ATMs running out of cash faster than expected, Bhattacharya added that ATMs are drying out fast because it has a fixed space for notes of 100 and also the dimension of the new notes has changed.

Meanwhile, the government has also formed a special task force led by Deputy Governor of RBI to expedite the process of re-calibrating the ATMs to make them fully functional, which will work with different banks in this direction.

In the view of chaos, the ATM limit has also been hiked to 2,500 rupees. However, it will be disbursed only by the re-calibrated ATMs.

Das assured that there is enough cash available in the system and the situation will ease in the coming days.

The toll tax will remain free till the midnight of 18th November to ensure smooth traffic movement across all national highways.

On Sunday night, Prime Minister Narendra Modi held a meeting at his residence with senior ministers to review demonetisation and its impact.

The meeting was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Information and Broadcasting Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance Ministry.

After a review by the Finance Ministry, the limit of old 500 and 1000 rupee notes that can be exchanged for freshly minted 2000 rupees and new 500 rupee notes was hiked from 4000 rupees to 4500 rupees per day.

The time limit for certain categories of transactions using old series of 500 and 1000 rupee notes has been extended till November 24 midnight. The categories include government hospitals, railways and bus ticket counters, airports, petrol pumps, milk booths authorised by state governments, crematoria and burial grounds.

Cash withdrawal limit at ATMs was hiked to 2,500 rupees from 2,000 rupees a day. The weekly limit of 20,000 rupees for withdrawal from bank counters has been increased to 24,000 rupees.

The ministry in a statement stated that the maximum limit of 10,000 rupees per day on such withdrawals has been removed.

The Finance Ministry has also extended the last date for submission of the annual life certificate for pensioners from November to 15th January next year.

 Wefornews Bureau

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