A Comment on the procedure of dispensing notes from ATMs

My Comment on an article "Govt. has no plan to reintroduce Rs 1,000 notes: Economics Affair Secretary" published in the economictimes.com Dated 24/02/2017.


"It's okay. There is no need for Rs 1,000 notes. 

But, monitor sufficient supply of the Rs 500 notes along with the Rs 2,000 currency. If a person wants to draw Rs 10,000 from an ATM, he should be provided some 500 notes also along with the 2,000 notes (say 4 Rs 2,000 notes and 4 Rs 500 notes). 

Presently, in most cases, we are getting only Rs 2,000 notes if we draw Rs 10,000 or Rs. 8,000 at one time. I am told to enter Rs 9,500 or Rs 7,500 if I have to get Rs 500 notes also."

A Comment on increase in limits of cash draws by RBI

My Comment on an article "RBI raises ATM withdrawal limit to Rs.10,000 per day from current Rs.4,500" published in the economictimes.com Dated 17/01/2017.

"I think Rs.10,000 is enough for total cash transactions in a month. 

If you are allowing Rs.24,000 per week it is weird. It could be Rs.24,000 per a whole month at the best. 

We want digitalization and then allowing excessive cash outflow is not a good step. Our government or RBI shouldn't increase any more extra limits for cash draws either from ATM or from the banks for normal transactions. 

Only small traders can be allowed to draw more cash to disburse wages. Not otherwise." 

Read more at this article on Economictimes.com