It is clarified that District Central Cooperative Banks can allow their existing customers to withdraw money from their accounts upto ₹ 24,000/- per week upto November 24, 2016.
The current account holders (applicable to Current Accounts which are operational for last three months or more) are allowed to withdraw up to ₹ 50000 in a week. Such tenders will be disbursed predominantly in ₹ 2000 denomination only.
Banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month.
Government has vide notification No. S.O. 3407(E) dated the 8th November, 2016 specified that cash withdrawal limit from Automatic Teller Machines shall be raised to Rs.4,000 per day per card from 19th November, 2016
Rs. 500 and Rs. 1000 denominations of banknotes of the existing series and any older series issued by RBI till 8th November, 2016 ceases to be legal tender under Section 26 of the RBI Act, 1934 on the expiry of 8th November, 2016.
Existing exemptions for acceptance of old Rs.500/- and Rs.1000/- notes for certain types of transactions are being extended beyond 14th November, 2016 midnight up to 24th November, 2016 mid night.
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs.
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Well, who in their wildest dreams would’ve thought that Swach Bharat Abhiyaan could even extend its broom to clean up money at such a macro-economic level?
