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India announces new measures to increase supply of cash

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Reuters NEW DELHI
Last Updated : Nov 14 2016 | 12:22 PM IST

NEW DELHI (Reuters) - India announced new measures on Monday to ease the cash crunch faced by millions after the government's decision last week to abolish large denomination notes to try and uncover billions of dollars in undeclared wealth.

The government will install new micro cash machines across the country and has asked banks to waive off transaction charges on debit and credit cards, Economic Affairs Secretary Shaktikanta Das told reporters.

Das said the government would also raise the cash withdrawal limit of at least three-month old current accounts to 50,000 rupees ($739) per week and said recalibrated cash machines would start dispensing new 2,000 rupee notes within two days.

Large crowds have gathered outside banks in recent days but struggled to withdraw money or swap the old 500 and 1,000 rupee notes that were banned last week.

($1 = 67.5999 Indian rupees)

(Reporting by Nidhi Verma; Writing by Tommy Wilkes; Editing by Malini Menon)

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First Published: Nov 14 2016 | 12:10 PM IST

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