New notes of Rs 500, Rs 2,000 will be available at ATMs from Friday

Photo of new Indian currency notes of Rs 500 and Rs 2000.

New Delhi: Finance Secretary Ashok Lavasa today clarified that new currency notes of Rs 500 and Rs 2,000 value will also be available for people to withdraw from ATMs on Friday onwards.

The confusion arose over ATMs being able to pay large amounts of Rs 100 notes after Prime Minister Narendra Modi announced stripping of Rs 500 and Rs 1,000 currency notes on Tuesday, following which people found it hard to get hold of Rs 100 notes for transactions.

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Finance Secretary said, “There will be no problem as the ATMs will be able to deliver new currency of (Rs 500 and Rs 2,000 notes) from Nov 11 in each and every ATMs.”

The Prime Minister had already announced yesterday that while ATMs will be shut for two days and once they reopen on Friday, people can withdraw up to Rs 2,000 per day through a single card till November 18th.

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Modi said yesterday that thereafter, the limit will be increased to Rs 4,000 per day.

Lavasa said, “The Reserve Bank will closely monitor the fresh notes that will be issued. The cash withdrawal restrictions will ease once supplies of new Rs 2,000 and Rs 500 notes improve.”

According to the Reserve Bank of India (RBI) data, Rs 17,54,000 crore worth of currency is in circulation in India, out of which 45 per cent is accounted for by Rs 500 notes and 39 per cent by Rs 1,000 notes.

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In other words, Rs 6,32,000 crore worth of currency stands demonetised.