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ATM Recalibration & New Norms on Exchanging Old Currency Notes

Published on Saturday, November 19, 2016

Important points you must know

1. The colour of new notes of Rs.2000 – Magenta
2. The colour of new notes of Rs.500 – Stone grey

3. 7 Bleed lines on the side of Rs.2000
4. 6 Bleed lines will come up on the side of Rs.1000 (As announced)
5. 5 Bleed lines on the side Rs.500
6. The security thread in both the notes Rs.2000 & Rs.500 changes colour from green to blue at different angles.
7. Watermark of Mahatma Gandhi in both notes.
8. If you see on back side in both Rs.500 & Rs.2000 “Swachh Bharat logo” will be there.
9. In Rs.2000 with a motif of Mars orbiter Mangalyaan on the reverse.
10. On Rs.2000 Number panel with numerals growing from small to big on top left and bottom right sides
11. In Rs.500 Red Fort image with the Indian flag.
12. Rs.500 notes are smaller in size than the previous one.

ATM Recalibration

Central Bank of India i.e. RBI has formed a special task force under the chairmanship of Deputy governor of RBI “SS Mundra” to oversee all the ATMs & Cash dispensing machines after the government introduced new Rs.500 and Rs.2000 notes. More than 2.2lakh ATMs across the country out of which many ATMs is not working properly. Few ATMs still unable to cope with the vast demand for cash and consequently running dry, to accelerate the process of recalibration of these machines to dispense the new denomination of Rs.500 and Rs.2000, A task force led by “SS Mundra” will incorporate of representatives from the governments officials, large banks like SBI, ICICI Bank, Axis Bank etc. and select Chief General Manager CGM from RBI.

In time of crisis ATMs plays a vital role to meet the currency needs of the public. So The Panel headed by Deputy Governor of RBI “SS Mundra” will provide “direction and guidance” for recalibrating all infeasible ATM machines to dispense the new notes. It will take some time to Re-calibration of all feasible ATMs and Cash dispensing machines, As engineers will have to physically visit the place for the recalibration.

Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenient time and location in judicious mix of higher and lower denominations,” said by RBI

New Norms in Exchanging Notes

1. From 18th November the new limit for swapping currency notes at banks has been reduced to Rs.2000 for each person.
2. The new withdrawal limit was raised from Rs.2000 to Rs.2500 , and now a person can withdraw up to Rs.4000 per day.
3. In the season of wedding, Any Family member can withdraw Up to Rs.2.5 lakh from one account for celebrating weddings after showing PAN cards & Wedding ceremony card.
4. Farmers can withdraw up to Rs.25,000 in a week against loans sanctioned to them to buy seeds & fertilizers.
5. Time limit for repaying the sum of insurance premium on crop loan has been extended to 15 days.
6. All the National Highways will not going to collect tax till 24th November 2016 midnight.

Benefits on Banned of Rs.500 & Rs.1000

1. Temporary end of fake currency notes.
2. Temporary hurdle for terrorism
3. Temporary decrease in corruption.
4. Temporary decrease in taking bribe.

Drawback on Banned of Rs.500 & Rs.1000

1. Costs of replacing these old currency notes.
2. Severe impact on small business.
3. Inconvenience to innocent people.
4. Preliminary increase in corruption like few people exchange old currency at Rs.800 or Rs.900 for Rs.1000.
5. Travellers facing crisis.
6. Old ATMs or Cash dispensary machines unable to perform continuously due to heating.

Note: This scheme will close on 30th December until which you can exchange your old currency notes of Rs.500 & Rs.1000 in Banks / Cash depository machines / Post offices etc. during office Hours.

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