Around ₹ 3 lakh crore of old ₹ 500 and ₹ 1000 notes were deposited in banks post demonetisation while ₹ 50,000 crore has been dispensed to public, Finance Ministry said.
The banking system has handled about 18 crore transactions during the period, it said on Sunday, adding that issuance of the new series of ₹ 500 notes has commenced. Banks were dispensing ₹ 100 and new ₹ 2000 notes in exchange of old notes.
“Instructions issued to the banks and post offices to ensure proper distribution of all denomination notes including small denominations up to the last mile including through mobile banking vans and banking correspondents (BCs),” it said in a statement.
Demonetisation began on November 10.
Banks have also been advised to increase the Business Correspondents limit of dispensing cash to ₹ 2500 for withdrawal from bank accounts.
Banks have been advised to increase the exchange limit over the counter from the existing ₹ 4000 to ₹ 4500. Banks have been advised to increase the cash withdrawal limit at ATMs from the existing ₹ 2000 to ₹ 2500 per day in the recalibrated ATMs, other ATMs will continue to dispense Rs 50 and Rs 100 notes until they are recalibrated.