NEW DELHI: All ATMs will remain shut today and tomorrow as banks replace the now declared invalid Rs. 500 and Rs. 1,000 notes with new currency notes.
Last night, after the government's announcement of withdrawal of Rs. 500 and Rs. 1,000 notes, people rushed to ATMs to withdraw valid currency notes of lower denomination.
However, banks closed ATM operations past midnight.
Banks are also closed today for cash balancing and stocking up of lower denomination Rs. 50 and Rs. 100 notes and new high security Rs. 500 and Rs. 2000 notes.
Customers can deposit their old Rs. 500 and Rs. 1000 notes in their bank accounts tomorrow, and also exchange it with lower denomination or the new security feature Rs. 500 and Rs. 2000 notes but with a limit of Rs 20,000 a week.
The new high security currency notes will initially be available at branches from tomorrow and at
ATMs from November 11.
Since most of the cash deposit machines are inside the branches, people can deposit their old currencies only tomorrow when the branches open.
Meanwhile, the government has cautioned people that since cash deposit in an account above a certain limit will be monitored by the Financial Intelligence Unit and tax authorities, one should refrain from depositing money for other accounts.
Besides depositing money in bank accounts, the Rs. 500 and Rs. 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24
with a daily limit of Rs 4,000.