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  Metros   Mumbai  02 Jan 2017  Mumbai: Lack of Rs 500 notes irks ATM customers

Mumbai: Lack of Rs 500 notes irks ATM customers

THE ASIAN AGE.
Published : Jan 2, 2017, 2:51 am IST
Updated : Jan 2, 2017, 7:16 am IST

The withdrawal limit from banks is Rs 24,000 a week at present.

People queue up outside an ATM in Wadala on Sunday, but most could only withdraw Rs 4,000.
 People queue up outside an ATM in Wadala on Sunday, but most could only withdraw Rs 4,000.

Mumbai: Amid the ongoing cash crunch since the government announced demonetisation on November 8, the Centre hiking the daily maximum withdrawal limit from ATMs to Rs 4,500 from Rs 2,5 00, was likely to come as a relief for citizens. Instead, many Mumbaikars were left disappointed on Sunday due to a shortage of Rs 500 and 100 notes.

Though citizens were happy with the rise in the ceiling, a visit to a few ATMs on Sunday by The Asian Age revealed a shortage of Rs 500 and Rs 100 notes. As a result, it was difficult for customers to withdraw the entire amount and people were taking out only Rs 4,000. Sumit Kharat, one such customer at an ATM, said: “The Prime Minister announced that we can withdraw up to Rs 4,500, but there are no Rs 500 notes in the ATM and thus we can only take out Rs 4,000.” Another customer, requesting anonymity, said, “This is unfair. In spite of the Rs 4,500 limit, we are only able to get Rs 4000.”

ATM

According to the RBI circular, “On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card.” It further read that “there is no change in weekly withdrawal limits” and “such disbursals should predominantly be in the denomination of Rs 500.”

Also, Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens who were abroad during this period can exchange their defunct notes up to June 30, 2017. The withdrawal limit from banks is Rs 24,000 a week at present.

Tags: demonetisation, narendra modi, withdrawal limit, the asian age
Location: India, Maharashtra, Mumbai (Bombay)