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Govt relaxes cash withdrawl norms

Mon 14 Nov 2016, 12:52:03
The government relaxed cash withdrawal norms from banks on Monday in a bid to help the rural poor and small businesses that are hit the hardest following a surprise decision last week to withdraw high-value banknotes.Economic affairs secretary Shaktikanta Das said businesses with current accounts active for three months can withdraw Rs 50,000 every week.
This may come as a lifeline for numerous traders whose businesses stalled because of a cash crunch after the Centre pulled Rs 500 and Rs 1000 notes out of circulation last Tuesday to stamp out illegal cash from the economy.“Cash supply would be enhanced to branch post offices so that they’re able to give money to account holders,” he said.
ATMs will start dispensing new Rs 500 and Rs 1000 notes – which will replace the old currency – by Tuesday, he said. All decisions were taken in a post-midnight meeting on Monday chaired by Prime Minister Narendra Modi.
Das said an upgraded daily limit of ATM cash withdrawals – Rs 2,500 from Rs 2,000 – will apply to only re-calibrated machines.The process of updating ATMs to dispense the new currency – which come in a fresh design and size – is expected to take up to three weeks.

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