Mumbai, Nov 11: Millions stood outside ATMs for hours on the second day today after Prime Minister Narendra Modi announced the demonetization of Rs 500 and Rs 1000 notes and termed them as worthless pieces of paper. As per recent report by NDTV, a 73 year old man in Mumbai and another man aged 75 year old in Kerala died waiting in queue outside banks. Many customers panicked and caused commotion outside banks and ATMs across India on Thursday and Friday as they thronged in large numbers and were unable to exchange banknotes.Also Read - ATM Cash Withdrawals to Cost More From THIS Date. Check New Charges, Other Details Here
Banks across India struggled very hard to contain queues. As per reports, people were asked to go back as several ATMs closed down in a few hours. According to recent reports, ATM operators said most machines were operating at just 10% capacity since there was limited supply of Rs 100 notes. Also Read - Private Cryptocurrencies in India May Not be Banned, Will Be Regulated: Report
Scenes of brawl were reported from various regions of India while at some places, banks took the help of police to cope with the rush of customers. As per the announcements, the ATMs were to start releasing new Rs. 500 and Rs. 2,000 notes from Thursday midnight.(ALSO READ: New currency notes: Wait outside ATMs to get longer; Twitterati share their worries) Also Read - RBI Internship 2022: Bank Invites Application For Summer Internship, Apply Before December 31; Check Salary, Eligibility and How To Apply
The limit was Rs. 2,000 a card a day, but many of the machines had either insufficient cash or had not been reconfigured to disburse the new notes. Meanwhile, to keeping in mind customer convenience, banks have been asked to provide all cash withdrawal transactions at their ATMs free of cost till 30 December.(ALSO READ: Rs 50 and Rs 100 notes to be dispensed at ATM’s from today, says RBI)
From today, customers can withdraw up to Rs 2,000 per day from ATMs till November 18 and will be raised to Rs 4,000 per day per card from November 19, 2016. As ATMs were out of service for two days, banks said they will re-configure their ATMs to dispense Rs 100 and Rs 50 notes.
As per the government, deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner’s income. Prime Minister in his speech on Tuesday made the surprise announcement and took this bold step to make India corruption free.