Demonetization Deadline Ends Today: People have to get alerted that this is the last day for the deposit and exchange of the old Rs 500 and Rs 1000 currency notes. After the sudden announcement on the Demonetization of the higher currency by the Prime Minister of India Narendra Modi, the 50 days time is over and today is the end day.
But the cash crunch and the queues before the ATM’s are likely to continue some more days as the RBI failed to print the required amount of currency for the people. The insufficient amount of the new currency notes is the main problem for the Demonetization and the empty ATM’s are the effects of this process.
Demonetisation Day 50: Last day to deposit old, Extended to March 31 with Valid Proofs
However, people still have the time to exchange the currency in banks; they can exchange or deposit the currency at the designated RBI counters till March 31st of 2017 by providing the valid reasons and proofs for the exchange. They need to give the explanation behind the reason for not depositing the money before 31 December. After the PM Modi’s sudden announcement on November 8th the banks started to accept the old notes to change into the new notes from 10th November. After that very few ATM’s worked and they dispensed the amount of new Rs 2000 note.
Cash Crunch Still Continues after 50 days of Demonetisation:
To settle down the cash crunch and to spread the cash all over the people the government came with a new rule as the Banks resort to rationing of the valid currency notes. They fixed the withdrawal limit of Rs 24,000 per week from the Bank itself. It can be seen that there is a limit of Rs 2000 from the ATM’s that too work in only selected places. The overall situations from the banks are improved, but ATM machines have the main problem. Some ATM’s are only filling up with the limited amount of refill and many more ATM’s are still out of cash even after the 50 days since Demonetization. The restrictions on the Withdrawal limit is still not cleared by the Government or the RBI, the Finance Secretary Ashok Lavasa had said that the withdrawal limit will be reviewed after December 30th.