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Cash Crunch: Micro ATMs, Old Notes For Utility Bills Till Nov 24

ATMs will start dispensing cash from Monday or Tuesday with higher denomination currency of Rs 2,000.

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Updated:November 14, 2016, 12:06 PM IST
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Cash Crunch: Micro ATMs, Old Notes For Utility Bills Till Nov 24
Women wait in front of ATM counters in Jammu/REUTERS

New Delhi: Economic Affairs secretary Shaktikanta Das on Monday allayed fears regarding the cash crunch owing to the surprise demonetisation of higher value currency notes and told the media that Reserve Bank of India has informed them that enough cash is available in system and that there is no need to panic.

"The situation will ease in coming days," Das told the media.

Below are the steps taken by the government to improve the cash crunch.

1) Large number of micro-ATMs to be deployed to dispense cash.

2) Higher cash withdrawal limit of Rs 2,500 is only for recalibrated ATMs.

3) Number of recalibrated ATMs will be enhanced within next few days and a task force has been setup under the Deputyy RBI Governor.

4) ATMs will start dispensing cash from Monday or Tuesday with higher denomination currency of Rs 2,000.

5) Supply of cash to 1.3 lakh branch post offices will be enhanced.

6) Banks to increase cash holding limit of banking correspondents to Rs 50,000

7) Banking correspondent or representative will now be allowed to withdraw cash multiple times as opposed to only once a day earlier.

8)Focus of the government is to activate all the channels through which cash is given to public.

9) Government departments have been advised to use E-payment network

10) Government extends acceptance of Rs 500 and Rs 1000 notes for public utility and fuel payment till November 24

Late on Sunday night a high-level meeting was held at the PM's residence amid continuing chaos and growing public anger across the country over limited cash availability.

The meeting was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, I&B Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance ministry.

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