Emotional Modi seeks 50 days time from people, raises ATM cap

Cash withdrawal limit hiked to Rs 2,500; exchange limit on old notes goes up to Rs 4,500; you can get more from bank

Published: 14th November 2016 04:53 AM  |   Last Updated: 14th November 2016 12:57 PM   |  A+A-

Modi-goa

Prime Minister Narendra Modi addressing the gathering during foundation stone laying ceremony of Greenfield Airport in Mopa Goa on Sunday | PTI

By Express News Service

NEW DELHI: In what has come as a minor relief to the public troubled by the banning of Rs 500 and Rs 1,000 notes, the Finance Ministry on Sunday increased the cash withdrawal limit from ATMs and banks from Rs 2,000 to Rs 2,500. The decision was taken after a review meeting held by the Finance Ministry to take stock of the situation. The weekly limit for cash withdrawal has also been increased from Rs 20,000 to Rs 24,000. Banks have also been instructed to increase the limit for over-the-counter exchange of old notes from Rs 4,000 to Rs 4,500.   

Meanwhile, facing widespread criticism over the issue and its impact on everyday life Prime Minister Narendra Modi made an emotional appeal to the people on Sunday, saying he was voted to power to fight the black money menace and he would do so despite the consequences. “This hardship is only for 50 days. Please give me 50 days.

After December 30, I promise to show you the India you always wished for,” he said. The Prime Minister also said that there were several more anti-graft measures on the anvil and stressed the need for the country to transition into a cash-less economy. He also asked the people not to panic “by exchanging Rs 500 for Rs 300” and get the full value of their hard earned money.

“People who have eaten up money in coal and 2G scams were standing in the queue to get Rs 4,000,” said Modi taking a dig at Congress leader Rahul Gandhi. “I know some forces are up against me. They may ruin me because their loot of 70 years is in trouble,” he said.

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