There’s quite a bit of contradictory information and confusion about the change of currency. This is the latest information I’ve found.
The new 2000 rupee notes are expected to be available in all ATMs in the next 48 hours, and the new Rs 500 notes are already being dispensed in many ATMs.
The limit of old Rs. 500 and Rs. 1000 rupee notes that can be exchanged for new Rs. 2,000 and Rs. 500 notes is now Rs. 4500 per week. 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 accounts has been increased to Rs. 24,000. The maximum limit of Rs. 10,000 per day on bank withdrawals has been removed.
Indelible ink will be used at banks to mark those who have withdrawn new notes to ensure that people are not drawing more than their fair share, Finance Ministry officials announced today. An ink stamp will be used after a person has exchanged Rs. 4,500 worth of old notes for new ones.
The banks have been told to provide special facilities for senior citizens, so they don’t have to stand in line for hours on end.
The Government has also extended the use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores until November 24.
Large number of micro-ATMs will soon be deployed to help people withdraw cash through debit cards. Supply of cash to 1.3 lakh branch post offices has been increased.
Note: not all ATMs accept international cards. Be sure to ask before you spend an hour or three standing in line.
The Reserve Bank of India has also waived debit and credit card transaction charges until 30 December, as of now.