Banks Get Rs 3 Lakh Crore Of Old-Currency Notes In Four Days

Mumbai: Banks received Rs 3 lakh crore of 500- and 1,000-rupee notes over the last four days, the Finance Ministry said on Sunday, after the government announced it would withdraw such bills to crack down on corruption. 

The government also relaxed cash withdrawal limits including removing a per-day cap of Rs 10,000, increasing the weekly limit to Rs 24,000 from Rs 20,000 and allowed exchange of bills over the counter at banks to reach Rs 4,500 instead of Rs 4,000. 

From automated teller machines, individuals will now be able to take out up to Rs 2,500 of cash per day instead of Rs 2,000 per day, the ministry said in a statement. 

These relaxations came as public anger increased due to a lack of access to accounts, as well as over the non-functioning of ATMs not yet reconfigured for the new series of smaller 2,000-rupee bills.