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Why no CASH in the ATMs?
By: Tupaki Desk | 12 Nov 2016 11:28 AM GMT
Long queues appeared before ATM since November 11th but none of them were dispensing the new Rs 500 and Rs 2000 currency notes. ATMs all over the country could dispense only Rs 100 notes for few weeks from now.
Actually, An ATM could store about Rs 88 lakh if all the notes were Rs 1000 denomination. The machine will have four cassettes with each of them holding Rs 22 packets. Each packet consists of 100 notes.
In that case, Only Rs 8.8 lakh could be stored at once if all the notes were Rs 100. Even if the daily limit was restricted to Rs 2000, A maximum of 440 transactions could happen per day.
Most ATMs are facing technically issues when it comes to dispensing of Rs 2000 notes. Firstly, The old Rs 500 and Rs 1000 notes should be removed from more than 2 lakh ATM and they should be replaced with Rs 100 notes.
RBI issues a statement to inform that enough cash is available with banks but its takes time for the functioning of the ATMs. Once ATMs start functioning, People could withdraw Rs 2000 per day till Nov 18th and Rs 4,000 per day after that.
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Actually, An ATM could store about Rs 88 lakh if all the notes were Rs 1000 denomination. The machine will have four cassettes with each of them holding Rs 22 packets. Each packet consists of 100 notes.
In that case, Only Rs 8.8 lakh could be stored at once if all the notes were Rs 100. Even if the daily limit was restricted to Rs 2000, A maximum of 440 transactions could happen per day.
Most ATMs are facing technically issues when it comes to dispensing of Rs 2000 notes. Firstly, The old Rs 500 and Rs 1000 notes should be removed from more than 2 lakh ATM and they should be replaced with Rs 100 notes.
RBI issues a statement to inform that enough cash is available with banks but its takes time for the functioning of the ATMs. Once ATMs start functioning, People could withdraw Rs 2000 per day till Nov 18th and Rs 4,000 per day after that.
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