With the current demonetization move by the government, lot of problems are faced by the common man, but the government is still modifying the limits keeping in mind public convenience and the representations government have received.
The limit for exchange of Specified Bank Notes, over the counter has been increased from the existing ₹ 4000/- to ₹ 4500.
The daily limit on withdrawal from ATMs has been increased from the existing ₹ 2000/- to ₹ 2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense ₹ 50 and ₹ 100 bank notes until they are re-calibrated.
The weekly limit of ₹ 20000/- for withdrawal from bank accounts has been increased to ₹ 24000 and the daily limit of ₹ 10000/- per day stands withdrawn.
The government have extended use of old Rs 500 and Rs 1000 for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24 2016.
Time limit for certain categories of transactions using old notes extended till Nov 24. The exemption list includes payments towards fees, charges, hospital bills, petrol pumps, taxes and penalties payable to the central and state governments including municipal and local bodies. Such old notes will also be accepted for making payment of utility charges for water and electricity, etc.
In yet another move to lessen woes of people facing cash crunch, the Reserve Bank of India on Monday directed banks to waive ATM charges on all transactions done by savings bank customers till December 30.