ATMs to work from Nov 11
posted on Nov 9, 2016 9:10AM
Prime Minister Narendra Modi’s 40-minute speech on Tuesday evening scrapping the Rs 500 and Rs 1000 notes effective midnight of November 8 sent out a loud and clear message in the war on black money and corruption. "The notes of Rs 2000 and Rs 500 will be circulated soon. The RBI has decided to limit the notes with higher value," Modi had said. However, ATMs in the country were seen busier than usual on the night of November 8. People, who didn’t appear to have complete information on the withdrawal of the notes, thronged the ATMs with two purposes — deposit Rs 500 and Rs 1,000 notes and withdraw Rs 400 at a time so that they have enough money for the next two days when banks remain closed. With banks and ATMs remaining shut on Wednesday and Thursday (November 9 and 10), a large number of people were trying to withdraw Rs 100 currency notes by drawing Rs 400 at a time to avoid ATMs which are programmed to dish out Rs 500 notes for higher withdrawals. Within hours, some ATMs were emptied of Rs 100 notes. All ATMs may start operation from Nov 11 after recalibration, and will dispense Rs 50 notes along with Rs 100 notes said RBI.