PM Modi holds late-night meeting with ministers on demonetisation

Prime Minister Narendra Modi held a meeting with senior ministers past midnight on Sunday to review demonetisation and its impact.

india Updated: Nov 14, 2016 09:01 IST
PM narendra Modi,Demonetisation,Rs 500
PM Narendra Modi chairs meeting on demonetisation.(Photo credit: @PIB_India)

Prime Minister Narendra Modi held a meeting with senior ministers in the early hours of Monday to review demonetisation and its impact.

The meeting at Prime Minister’s residence was attended by home minister Rajnath Singh, finance minister Arun Jaitley, information and broadcasting minister Venkaiah Naidu, power, coal and mines minister Piyush Goyal and top officials of the finance ministry.

The meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of two higher value currency notes by Modi.

There was little respite for cash-starved people queueing up outside banks and ATMs yesterday, with branches witnessing unprecedented rush since early morning and leading to arguments and scuffles.

“The RBI has informed that there is enough cash available in the system,” economic affairs secretary Shaktikanta Das told ANI after the meeting.

Earlier in the evening, after a review by finance ministry, the limit of old and now defunct Rs 500 and Rs 1000 rupee notes that can be exchanged for freshly minted Rs 2000 and new Rs 500 notes was increased from Rs 4000 to Rs 4500 per day.

Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day.

The weekly limit of Rs 20,000 for withdrawal from bank counters has been increased to Rs 24,000. The maximum limit of Rs 10,000 per day on such withdrawals has been removed, the ministry said in a statement.

“Micro ATMs will be deployed in large number of areas to dispense cash against debit and credit cards,” Das said, adding that there would be special queues for disabled and senior citizens.

He also told ANI that a special task force has been formed to expedite the process of recalibrating ATMs, which is expected to take up at least two weeks.

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First Published: Nov 14, 2016 07:25 IST