Here are the top 10 developments:
- People this morning rushed to ATMs, which reopen two days after Prime Minister Narendra Modi announced that the two biggest currency notes are now just “worthless pieces of paper”. The shock announcement led to a late night scramble to ATMs on Tuesday before they shut for the turnaround.
- ATMs were to start releasing new Rs. 500 and Rs. 2,000 notesfrom Thursday midnight. However, the crowds at many of the machines grew increasingly agitated at learning that they were still inactive. Bank officials said ATMs have not stocked up yet.
- Banks announced yesterday that the surcharge for using ATMs of different banks has been waived for now.
- Withdrawals from ATMs will be restricted to Rs. 2,000 per day per card in the first few days, which will be raised to Rs. 4,000 later.
- The State Bank of India has said that it could take 10 days for ATM services to settle down to normal. “You have to understand that there are two lakh ATMs (of all banks) in the country but there are only three to four vendors in the country,” the bank’s chairman Arundhati Bhattacharya said.
- Many ATMs configured to dispense only Rs. 500 or Rs. 1,000 notes cannot dispense Rs.100 notes, so they have to be reconfigured too.
- On Thursday, as banks reopened, millions rushed to deposit and swap Rs. 500 and Rs.1,000 notes. Withdrawals from banks are limited to Rs. 10,000 a day and old notes can be deposited till December.
- The government has said deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner’s income.
- Banks will stay open this weekend and many banks have announced longer working hours.
- Old notes will be accepted till midnight on Friday for water and electricity bills, government penalties, and at state-run petrol pumps, government hospitals, metros and at tolls. Highways are toll free for now