Modi holds meeting with senior ministers on demonetisation

Prime Minister Narendra Modi held a meeting at his residence with the senior ministers past midnight on Sunday to review demonetisation and its impact. The meeting was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Information & Broadcasting Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance Ministry.

Last evening, after a review by the Finance Ministry, the limit of old and now defunct 500 and 1000 rupee notes that can be exchanged for freshly minted 2000 rupees and new 500 rupee notes was increased from 4000 rupees to 4500 rupees per day.The time limit for certain categories of transactions using old series of 500 and 1000 rupee



notes has been extended from midnight tonight to 24th November midnight. The categories include Government hospitals, railways and bus ticket counters, airports, petrol pumps, milk booths authorised by State governments, cremetoria and Burial grounds.

Cash withdrawal limit at ATMs was hiked to 2,500 rupees from 2,000 rupees a day. The weekly limit of 20,000 rupees for withdrawal from bank counters has been increased to 24,000 rupees.The Ministry in a statement said that the maximum limit of 10,000 rupees per day on such withdrawals has been removed. The Finance Ministry has also extended the last date for submission of the annual life certificate for pensioners from November to 15th January next year.