The Reserve Bank of India (RBI) late on Sunday stated that banks will have to continue with the withdrawal limits on automated teller machines (ATMs) till any further notice. The move, according to the regulator, comes after a review of the way customers have been withdrawing money from their bank accounts.
According to the limits imposed by the central bank, customers who go to ATMs recalibrated to dispense the new Rs.2,000 currency notes will be allowed to withdraw up to Rs.2,500 per day. The limit will be Rs.2,000 per day on ATMs which are yet to be recalibrated to dispense the new set of currency notes, the regulator said in a notification on its website.
The new Rs.500 and Rs.2,000 banknotes are of slightly different dimensions than the old Rs.500 and Rs.1,000 bank notes which have been withdrawn from public use since 8 November. Thus, there has been a need for physically re-calibrating each of the 2.2 lakh ATMs by manufacturers.
While the RBI has said that it is closely monitoring the “substantial progress” in the process of recalibration of ATMs to the new notes, the need to continue with caps on daily withdrawals might point to the fact that a large number of machines might still be unequipped to dispense new bank notes.
Another reason for the limits to continue is also probably the fewer number of new notes that have been in circulation. The government, which had agreed to print 400 million new Rs.500 notes, is still lagging behind the RBI which is in the process of printing 3.5 billion Rs.2,000 notes, Mint had reported on Thursday.
In its Sunday notification, the RBI was also mum on the Rs.24,000 limit, which customers can withdraw from their bank accounts every week, using cheque books and other withdrawal instruments.
On Thursday, Shaktikanta Das, economic affairs secretary, announced that farmers will be allowed to withdraw up to Rs.25,000 a week.
In a separate statement, the central bank also clarified that two different types of coins of Rs.10 denomination were in circulation and that both were legal tender. Rumours about Rs.10 coins without the rupee symbol not being legal tender had been circulating in some parts of the country.
“It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people, including traders, shopkeepers, etc., impeding the circulation of these coins in certain pockets of the country causing avoidable confusion.The Reserve Bank has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation,” the statement said.
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Source : https://goo.gl/Ke8TyS
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