Modi Chairs Midnight Meet On Demonetisation


New Delhi: PM Narendra Modi held a review meeting at around 2am on Sunday night on the demonetisation status. Finance Ministry and other officials also attend the meet.

Economic Affairs Secretary Shaktikanta Das after the meeting enlisted some key issues discussed in the meeting. He said that Modi has reviewed the supply and availability of cash in banks, post offices and the reach to the rural areas will improve substantially.

The banks have been advised to increase the cash holding limit of the banking correspondents to at least 50,000 rupees.They will be permitted to withdraw cash multiple times in a single day.

In other cases banks would be encouraged to increase the cash holding limits beyond 50,000 rupees in appropriate cases.

ATMs which are being recalibrated to dispense 500,2000 notes that is new series of Rs500 & 2000 notes. Also micro ATMs will be deployed across India to withdraw cash with credit or debit cards.

Business entities having operational current account for the last three months are permitted to draw upto Rs.50,000.

All government departments and public sectors will maximize their E-transaction processes.RBI instructs National Payment Corp of India to waive its transaction charges. Even banks are advised to do the same. This facility will be available till 31st December, 2016.

Also, annual life certificate which pensioners are required to submit during November, time limit for that extended till 15th Jnauary, 2016.

There will be separate queues for those who are visiting the banks only to exchange old series of notes for new notes and also for senior citizens. Currently govt has given exemption to certain category of transactions where old series of 500 & 1000 notes can be accepted. This facility is available from 14th November midnight to 24th November.

To speed up the process, task force under the leadership of RBI’s Deputy Governor will be set up which will include representatives of banks.