Demonetisation aftermath: Rs 3 lakh crore collected so far

It has been more than five days since PM Narendra Modi’s announced demonetisation of Rs 500 and Rs 1000 notes. Although, on Sunday the Government stepped in and relaxed withdrawal norms, the queues to the banks and ATMs are only growing longer.

During the first four days - from November 10 – November 13, 2016 till 5 pm, nearly Rs 3 lakh crore of old notes have been deposited in the banking system, Ministry of Finance said. 

Moreover, over Rs 50,000 crore has been withdrawn by people from ATMs or bank branches. 

Within these days, 18 crore transactions have taken place, ministry said. 

As per the relaxed norms, ATMs can dispense cash to Rs 2500 and exchange limit has been increased from Rs 4000 to Rs 4500 per transaction.

Further, weekly limit for withdrawal from the banks has been increased from Rs 20000 to Rs 24000.