Nov
14
Modi Raises Cash Limits as Banks Get $44 Billion in Deposits
By-
Limits on daily withdrawals from bank ATMs increased
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About $7.4 billion have been disbursed, old bills exchanged
India raised the limits on withdrawals and exchange of old banknotes after the government’s surprise move to ban high-denomination bills on Nov. 8 resulted in customers across the country queuing for hours to deposit the old bills.
Banks have received 3 trillion rupees ($44.4 billion) in deposits in the first four days, the finance ministry said in a statement late on Sunday. About 500 billion rupees have been disbursed either from withdrawals or exchange of old banknotes, it said. The daily limit on withdrawals from cash dispensing machines has been raised to 2,500 rupees, while weekly cap has been increased to 24,000 rupees…
Modi Raises Cash Limits as Banks Get $44 Billion in Deposits
