22,500 ATMs to be recalibrated today, no plan of reintroducing Rs 1,000 notes says Arun Jaitley


New Delhi: Finance Minister Arun Jaitley said that 22,500 ATMs will be re-caliberated on Thursday as after Prime Minister Narendra Modi’s decision to scrap Rs.500 and Rs.1000 currency notes the banks are yet trying to manage huge crowd of people at the bank branches across the country to exchange the pulled back and as of now invalid currency notes and get cash to meet their daily needs.

FM Jaitley additionally revived the situations currently prevailing in the country after the demonetisation of Rs 1000 and Rs 500 currency notes and found that the situation of over-crowding is slowly getting normal as per the media reports.

All the states has been asked by the Centre to ensure proper security in all the banks, ATMs and vehicles transporting cash in the wake of demonetisation of Rs 500 and Rs 1000 currency notes.

Amid these situations Jaitley, has additionally stated that the government has no plans of reintroducing Rs 1,000 notes into the market.

The Central government has acknowledged the hardships faced by the common people due to the decision of pulling back the highest denomination currency notes interim the rising anger among people across India over exchanging the scrapped currency, but has also advised the public to be patient as the move will have great benefits for the economy in long term.

Economic Affairs Secretary Shaktikanta Das meanwhile addressing a press conference in the National capital on Thursday, said that the exchange limit will be reduced to Rs 2,000 from earlier limit of Rs 4,500 with effect from tomorrow.

“Over the counter exchange of old Rs 500 and Rs 1000 notes, w.e.f 18th November, the existing limit of Rs. 4500 will be reduced to Rs 2000,” Das added.

People with KYC compliant bank accounts can withdraw upto Rs 2.5 lakh for wedding ceremonies, he said.

“One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding,” Das.

Claiming and assuring the people that there is enough cash available he further stated that up to group C central government employees can draw advance salary up to Rs 10,000 in cash which will further be adjusted against their November salaries.

Expressing that the team has held a meeting and a guide has been shaped to re-align all ATMs Das exhuded certainty that it will be done soon.

“Government has chosen to allow ranchers to draw upto Rs 25,000 every week against product advances authorized and credited to their records,” Das said.