Temporary Operational Changes in Limits and Waive Charges,
E-Payments :
- All Central Government Departments and Public Sector Enterprises are being instructed to use the method of e-payments to the maximum extent possible.
- RBI has advised National Payments Corporation of India (NPCI) to waive its transaction charges on transactions settled through National Financial Switch(NFS) till 31st December, 2016.
- Banks are also being advised to waive similar charges currently levied by them.
Limits of Withdrawal Enhanced
- The withdrawal limit of Rs.20,000/- per week has been enhanced to Rs.24,000/-. The withdrawal limit of Rs.10,000/- per day has been removed.
- The limit of Rs.4000/- for over the counter exchange against old Rs.500/- and Rs.1000/- notes has been increased to Rs.4500/-. This will enable the Banks to
- give lower denomination notes for Rs.500/- while dispensing the remaining Rs.4000/- through Rs.2000/- notes.
- The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs.2500/- per
- withdrawal. This will enable dispensing of lower denomination currency notes for about Rs.500/- per withdrawal. Other ATMs which are yet to be recalibrated,
- will continue to dispense Rs.2000/- till they are recalibrated.
- Business entities having Current Accounts which are operational for last three months or more will be allowed to draw Rs.50,000/-per week. This can be done
- in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments.
- Adequate cash will be made available with District Central Cooperative Banks (DCCBs) to facilitate withdrawal from existing accounts. The cash withdrawal limits for Banks will apply in case of DCCBs also.
The above measures would substantially enhance the reach of the banking system to exchange notes and facilitate cash withdrawal from bank accounts.
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