The end of the year brought more clarity on demonetisation after one-and-a-half months of confusing rules and revisions and several flip-flops. A few huge grey areas have been covered by the government in the past 24 hours. Below are a few decisions that came in just as the year ends:
1. ATM withdrawal limit relaxed
In the new year, you can withdraw Rs. 4,500 a day from ATMs instead of Rs. 2,500. However, the weekly withdrawal limit of Rs 24,000 remains unchanged. The Reserve Bank of India has also asked banks to ensure that disbursals on ATMs should predominantly be in the denomination of Rs 500 as getting money in Rs. 2,000 notes faced problems in getting change.
2. Deposit deadline extended for NRIs
The Ordinance on demonetisation, which President Pranab Mukherjee signed on Friday, extends the deadline for depositing scrapped currency notes into banks beyond December 30 when the general deadline expires. Now, NRIs can deposit maximum Rs. 25,000 till 30 June in RBI branches. Resident Indians who were abroad between 8 November and 30 December can deposit up to Rs. 25,000 but till 31 March.
3. Bada BHIM
Prime Minister Narendra Modi on Friday launched a mobile app for the Unified Payment Interface (UPI). The application, which will be common across all banks and financial institutions, is called BHIM (Bharat Interface for Mobile). BHIM will enable people to send and receive money through their mobile phones by linking their bank accounts and getting a UPI PIN number. The app will also work on feature phones through an upgraded USSD
4. RBI extends mobile wallet limit
The RBI has extended the timeline to Rs 20,000 in mobile wallets till the central bank completes reviewing the guidelines for pre-paid payment instruments. On November 22 the Reserve Bank had doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. The regulator had also said that merchants can transfer up to Rs 50,000 per month from semi-closed prepaid payment instruments to their bank accounts. These relaxations which were earlier applicable till December 30 have now been extended.