No new Rs 1,000 notes for now; 22,500 ATMs to be re-calibrated today: Arun Jaitley

Finance Minister Arun Jaitley said on Thursday, that new Rs 1,000 notes will bot be introduced into the system.

The government's demonetization move took out Rs 500 and Rs 1,000 notes from the system. The government had said that the decommissioned notes would be replaced with Rs 500 and Rs 2,000 notes, several ATMs are now dispensing the new notes.

Meanwhile, there was talk about the government introducing new Rs 1,000 notes also. However, Jaitley said "Rs 1,000 notes will not be reintroduced for now."

Jaitley also commented on the government's latest measures amid demonetization. Economic Affairs Secretary Shaktikanta Das, while speaking to the media, said that the exchange limit for notes would be cut to Rs 2,000 from Rs 4,500 currently, effective November 18. Jaitley said that the move was to stop the misuse of funds.

The government also allowed for families that had an upcoming wedding to withdraw Rs 2.5 lakh from the bank account of one family member, a move that would be a huge relief for the common man, Jaitley said.

He also added that nearly 22,500 ATMs would be re-calibrated on Thursday to dispense cash effectively.

The government increased the daily limit of cash withdrawals from ATMs to Rs 2,400 on Tuesday, provided the money was being withdrawn from re-calibrated ATMs.