BENGALURU: Prime Minster Narendra Modi shocked the nation in his address on 8 November evening, when he rolled out 500 and 1000 currency notes as a legal tender. This was a very bold step applauded by various economists. While various people in different sectors supported the great initiative, the opposition parties are protesting against demonetization by alleging that public is suffering. Therefore, the government took various steps to ease out the system for commoners. The Business Insider pointed out at some initiatives taken by the government after demonetization.

While addressing a large gathering in Uttar Pradesh, PM Modi said, the government is working relentlessly to decrease the difficulties common men are facing by currency demonetization. The government is planning to deploy new micro cash machines and also have asked the banks to relinquish transaction charges. RBI urged people not to panic as there is no shortage of currency. Therefore withdraw money only when in need. People living in urban places are relying on e-wallets like Paytm, MobiKwik, and Freecharge.

By taking a notice at the suffering of common people, government extended the use of old 500 and 1000 denominations at petrol pumps, and emergency services till November 24. The Finance Ministry on Sunday announced that after the rollback announcement of old 500 and 1000 currency notes, banks received deposits of about 3 Trillion equal to $44.4 Billion. The demonetizing drive from the government will help tackle problems like corruption, fake currency, a stockpile of unaccounted cash, and tax defaulters.

On November 13, the government advised banks to increase the daily withdrawal limit from ATM to 2,500 per day, exchange limit to 4,500 and increase the weekly withdrawal limit to 24,000. Banks have been instructed to put new currency notes in ATM as soon as possible. People will face inconvenience for a few more days before everything gets back to normal.

Read Also:

Canara Bank Comes Up With Mobile ATMs to Help People

India Inc's January-October Merger And Acquisition Deal Tally Hits $32 Billion