While the issuance of new ₹500 notes has already commenced, banks have been advised to increase the business correspondents limit to ₹2,500 for withdrawal from bank accounts, a Finance Ministry statement said.

Banks have also been advised to increase the exchange limit over the counter from the existing ₹4,000 to ₹4,500, the statement said, adding that the cash withdrawal limit at ATMs has also been increased from the existing ₹2,000 to ₹2,500 a day in the recalibrated ATMs.

The ₹20,000 weekly limit for withdrawal from bank accounts has been increased to ₹24,000 and the daily limit of ₹10,000 has been removed, the statement added.

After reviewing the availability and distribution of all denomination of bank notes, the Ministry noted that in the first four days (November 10-13 up to 5 pm) about ₹3 lakh crore of old ₹500 and ₹1,000 bank notes had been deposited in the banking system.

About ₹50,000 crore has been dispensed to customers — via withdrawal from accounts, ATMs and exchange. Within these four days, the banking system has handled about 18 crore transactions.

The statement further said that based on the reports received from the States, banks and other sources, coordination is being continuously done by the Ministry with RBI , banks and post offices to make all denomination notes available at all locations.

Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment.

The last date for submission of annual life certificate for government pensioners has been extended from November to January 15, 2017.

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