Withdrawl Limits and more update regarding Demonetisation

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Here are some recent updates regarding the limits and new additions done by the government to handle cash crunch.

  • While exchanging the Specified Bank Notes (SBN), the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.
  • The limit of exchange of SBNs in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016.
  • Banks are advised to make arrangements for separate queues for Senior citizens and Divyang (disabled) persons. Similarly, separate queues should also be arranged for those who come to exchange SBN for cash and those who come to deposit into bank accounts.
  • Banks to exchange currency notes only for senior citizens on saturday.
  • For providing exchange / deposit/ withdrawal facility to people residing in remote/ unbanked areas, banks may consider using mobile vans.
  • Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.
  • The banks shall waive levy ATM charges for all transactions by savings bank customers done at all ATMs, from November 10, 2016 till December 30, 2016.
  • In a bid to ease cash crunch now you can swipe your debit card at selected petrol pumps run by state-run oil companies to get Rs 2000 cash. This facility is initially available only to 2500 petrol pumps but will be extended to other 20,000 outlets.