Ban on Rs 500, Rs 1,000 notes

Weekly limit of Rs 20,000 for withdrawal from Bank accounts increased to Rs 24,000;. Limit of Rs 10,000 per day removed: Finance Ministry

Banks advised to increase Cash Withdrawal limit at ATMs from Rs 2000/- to Rs 2500/- per day in the recalibrated ATMs: Finance Ministry

Banks have been advised to increase exchange limit over the counter from existing Rs 4000/ to Rs 4500/-: Finance Ministry

Additional counters

Banks have set up additional counters to change cash and to allow withdrawal from accounts through cheques or withdrawal slips with a ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight i.e. up to November 24.

Banks have been ordered to remain open on the weekend as well as function late till 9pm for three days beginning today to deal with the huge rush.

Security beefed up

For the second day across India, security was beefed up in banks and ATMs even as people fumed over the idea of waiting in long queues on a working day. For instance in Delhi, as many as 3,400 personnel of paramilitary and Delhi Police along with quick reaction teams were deployed for maintaining security in banks in view of huge rush of people.

I-T raids on jewellers, hawala rings

The income tax department carried out raids across the country on Thursday after finding out that many jewellers and bullion traders were accepting large number of demonetised Rs 500 and Rs 1,000 notes at a premium of up to 40% from people with alleged unaccounted cash and then selling them bullion and jewellery. The search-and-survey operations were conducted on jewellers and bullion traders at Dariba Kalan and Karol Bagh in Delhi besides Chandigarh, Ludhiana and Jalandhar. Two big hawala operators were raided in Mumbai over alleged profiteering. However, a source in Central Board of Direct Taxes said I-T officers were yet to find out where the offenders would have stashed the old currency notes and how they could have been monetised considering they are no more legal tender.