It was inevitable that there would be widespread protests following the scrapping of 500 and 1,000 rupee notes, and equally inevitable that the limits would be revised. The first revisions were announced today.
Customers can now withdraw 2,500 rupees a day from cash machines. The previous limit was 2,000 rupees. Many ATMs are still not working and haven’t been recalibrated for the new notes.
The government said Indian banks had received 3 trillion rupees of large denomination notes since the move was announced on Tuesday night.
The 500 and 1000 rupee notes accounted for more than four fifths of the currency in circulation and the change has already disrupted much of India’s cash-driven economy.
The government has also relaxed withdrawal limits from banks, removing the 10,000 rupees a day restriction and increasing the weekly limit by 4,000 rupees to 24,000. This is good news if you have an Indian bank account.
There have been no revisions in the amount of rupees you can exchange, yet, but that could also happen.