With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
It has also advised banks to waive charges imposed on various kind of e-transactions till December 31. Besides, the RBI has advised national payment corporation of India to waive its transaction charges on old transactions which are settled through financial switch.
Here are the key highlights of what Shaktikanta Das, DEA said today
Here are the key highlights of what Shaktikanta Das, DEA said today
1. The focus of the government is to activate all channels whereby cash is dispensed to the public.
2.Banking correspondent will be now allowed to withdraw cash multiple times as opposed to only once a day earlier
3. Re-calibrating of ATMs started. Today or tomorrow, ATMs will dispense 2,000 currency notes
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4.Cash supply would be enhanced to branch post offices so that they're able to give money to account holders
5.Micro ATMs will now dispense cash through debit and credit cards
6. 18 crore transactions done by banks so far
7. 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
8. Old currency can also be used for purchases at consumer co-operative stores like Kendriya Bhandar with valid ID proof as also for paying court fee.
9.Govt depts, central public sector undertakings advised to carry out transactions through e-payment only
10. Banks will remain shut in some parts of the country on Monday on account of Guru Nanak Jayanti. ATMs are expected to remain operational
Das said micro ATMs will be deployed in large number of areas to dispense cash against credit and debit cards.
There will be a separate queue for those going to banks to exchange old series of notes with new ones and also one for senior citizens and disabled persons.