Govt puts off raising ATM withdrawal limit to `4000

New Delhi : Whilst most of the Automatic Teller Machines (ATMs) lie empty, the government has quietly issued a gazette notification, dashing hopes that “the limit of withdrawals shall be raised to Rs 4,000 per day per card from November 19” as notified on November 8.

So be prepared to get a maximum of Rs 2,000 in a single transaction if there is any money at all in an ATM as the new limit of Rs 2,500 announced on Sunday is applicable only to the recalibrated ATMs that can release the new Rs 2,000 notes.

The promise to raise the limit to Rs 4,000 per card every day has been rescinded in the gazette on November 14 that says: “In Clause VIII, the words, the letters and figures ”and the limit shall be raised to Rs 4,000 per day per card from 19th November, 2016” shall be omitted.”

The November 8 notification limiting the withdrawals, had promised to review it after November 24, has also been tweaked to omit the promise as the November 14 gazette omits the words “until the end of business hours on 24th November, 2016, after which these limits shall be reviewed.”

Economic affairs secretary Shaktikanta Das, who has been briefing the media on daily basis on the changes in the banking operations, chose not to spell out these two omissions from the November 8 notification withdrawing the currency of Rs 500 and Rs 1,000.

All that he said on Monday was: “The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs 2,500 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 2,000, till they are recalibrated.”

The Reserve Bank of India (RBI), that has revised its FAQs four times since November 8, does not mention at all the plan to raise the limit by November 19. Neither the finance ministry nor the RBI has set any fresh date on ATM withdrawals and the withdrawals from bank accounts.

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