Daily ATM limit increase - does that mean cash problems are over

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#1 Jan 11th, 2017, 21:21
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#1
Now that the daily ATM limit is increased to 4,500 Rps per day from 1st January does that mean that the problems getting cash from ATMs is now over and all ATMs are open and there are no longer any queues?
I arrive in India on Sunday and am staying for 3 weeks touring in Rajasthan.
Will I have any problems getting cash from ATMs or should I bring some alternative currencies.
Thanks & regards
trubmij
#2 Jan 12th, 2017, 00:28
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Can not say for sure if there would be queue outside the ATM or not. The situation does seem to have improved if you compare it to the situation between 9th November and 30th December. If you compare it to pre 9th November the situation has not improved.

Be prepared for Rs 2000/- note being dispensed from the ATM. It would be better to carry alternate sources (foreign currency which can be exchanged to get maximum Rs 5000/- per week / credit cards).
#3 Jan 13th, 2017, 08:36
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You can easily get more than 5000/week through the grey/black market Forex dealers at decent rates. Only the banks, Thomas Cook/Airport forex enforce the 5000 limit from my experience.
#4 Jan 13th, 2017, 10:26
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In Hyderabad most ATMs are still shut, and many of the ones that are open are not open 24 hours. Not enough money, I guess.

Although I have no first hand experience, my sense is that withdrawal from bank account at a branch is still easier and more productive- higher limits.

(The other thread has gone too far off topic to be of much use to travellers, else would have directed the OP to it)
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#5 Jan 13th, 2017, 15:57
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I have my tickets booked for India on 4th March, do you think situation will resolve by that time? I am there for two weeks and I need to access around 3 Lakhs from my Indian bank account. If not, I may have to cancel my trip to India.
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#6 Jan 13th, 2017, 17:46
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At least I have no idea of what will happen before March

The present limit is 24k a week per account which you should be able to get quite easily, but it is still not a one shot thing in parts of the country. For eg, today in Hyderabad one bank I went to gave me only 15k- they did not have any more money. The only saving grace was there was just one person in the queue ahead of me, and the whole thing took 5 minutes. (This was the first time I entered a bank or ATM to withdraw cash since demonitisation hit two months ago!!)

Watch this forum and the news for the lifting of these weekly limits, without that there is no way you can get 1.5 lacs a week in cash from banks or ATMs unless you have many accounts, since the limit is per account.

Of course, you can transfer 3lacs online or give a cheque for that (or any) amount, no problems.
#7 Jan 14th, 2017, 00:14
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#7
Quote:
Originally Posted by The_Londoner View Post I have my tickets booked for India on 4th March, do you think situation will resolve by that time? I am there for two weeks and I need to access around 3 Lakhs from my Indian bank account. If not, I may have to cancel my trip to India.
Honest, this is not meant to be unhelpful or unfriendly --- but I would say to everyone who asks about next week, next month, three months or six months, we haven't got a clue!

Really, we wish we had. But there doesn't seem to be much of a linear progression here. Just when we are feeling like there might be an improvement, someone posts that the message at his bank was come back tomorrow. I's sure that, some time, we'll be looking back and laughing, but when? Fairly surely before the next election. Which is far enough off to be a useless forecast.

Sorry.

Recent experience suggests that you may not have too much problem drawing whatever the then limit for cash will be from a branch, at least early in the day. Many people are able to do that most days (but not all) right now. Must you access your 3Lakh in cash?
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#8 Jan 14th, 2017, 04:14
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Quote:
Originally Posted by The_Londoner View Post I have my tickets booked for India on 4th March, do you think situation will resolve by that time? I am there for two weeks and I need to access around 3 Lakhs from my Indian bank account. If not, I may have to cancel my trip to India.
It's not clear what you mean by "access". As others have noted, there is not and has never been any restriction on checks or electronic transfers. Alternatively you can get an ATM card within minutes (if you don't have one already), and use it as a credit card.

But if you need bundles of crisp and untraceable notes, well, that is exactly the kind of activity Modi is trying to prevent. And while I have been critical of how this whole demonetization thing was done, I must say I have no problem with making it very, very difficult for anyone to withdraw lakhs of rupees in cold cash. I can think of no legitimate reason to carry that kind of cash.
#9 Jan 14th, 2017, 04:25
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#9
Thank you for all your posts, very helpful. I think I will cancel my trip in March and plan to visit after monsoon later this year.

I have one account in India with few lakhs in it, I'm afraid I have never stayed at my address in Surat long enough to receive Debit card from this account, thus need to withdraw cash to spend in India and pay for hotel and so on whilst in India.

Thank you once again.
#10 Jan 14th, 2017, 05:33
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Originally Posted by The_Londoner View Post Thank you for all your posts, very helpful. I think I will cancel my trip in March and plan to visit after monsoon later this year.
I suspect that the Rs24,000 per week limit (which is Rs 1 lakh per month, incidentally) will remain indefinitely, for the reasons mentioned in my previous post...there is no legitimate reason for most individuals to need more cash than that. Large transactions should switch to checks, debit/credit cards, etc.
Quote:
Originally Posted by The_Londoner View Post I have one account in India with few lakhs in it, I'm afraid I have never stayed at my address in Surat long enough to receive Debit card from this account, thus need to withdraw cash to spend in India and pay for hotel and so on whilst in India.
My bank took all of 15 min to issue a debit card.
#11 Jan 14th, 2017, 06:24
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#11
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Originally Posted by The_Londoner View Post Thank you for all your posts, very helpful. I think I will cancel my trip in March and plan to visit after monsoon later this year.

I have one account in India with few lakhs in it, I'm afraid I have never stayed at my address in Surat long enough to receive Debit card from this account, thus need to withdraw cash to spend in India and pay for hotel and so on whilst in India.

Thank you once again.
Get the bank to send the card to your current address.
#12 Jan 14th, 2017, 06:29
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Originally Posted by RPG View Post It's not clear what you mean by "access". As others have noted, there is not and has never been any restriction on checks or electronic transfers. Alternatively you can get an ATM card within minutes (if you don't have one already), and use it as a credit card.

But if you need bundles of crisp and untraceable notes, well, that is exactly the kind of activity Modi is trying to prevent. And while I have been critical of how this whole demonetization thing was done, I must say I have no problem with making it very, very difficult for anyone to withdraw lakhs of rupees in cold cash. I can think of no legitimate reason to carry that kind of cash.

Wow that is amazing, it takes at least 5 to 7 business days to issue a new ATM card here in Aust -- what are you saying Indian banks can issue a new card over the counter within minutes -- that must be a world record for efficiency.
I was under the impression an ATM card had to be designated " Credit Card " to access funds other than your account balance.
As for " untraceable" notes -- surely if you withdraw cash from your bank then a record of the transaction exists, and then if later you are required to account for that cash expenditure, receipt of your cash purchases can be kept in your records.
If you cannot think of a legitimate reason to carry large amounts of cash, that's maybe more a reflection of your normal spending activity.
It is not illegal to offer cash as an inducement to reduce the price of a consumer item or good you may be trying to purchase -- i bought a motorcycle two weeks ago it was advertised for $8000 after haggling i marched off to the bank and withdrew $6800 in not so crisp $50 notes, and made a successful purchase, i received a receipt from the seller, all legal everyone happy, is that not good business ?

Cash is king.




Just saw the above post --- card issued in 15 minutes, holy shit that is amazing.
Last edited by redninja; Jan 14th, 2017 at 06:32.. Reason: coconuts are tropical
#13 Jan 14th, 2017, 07:41
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#13
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Originally Posted by The_Londoner View Post Thank you for all your posts, very helpful. I think I will cancel my trip in March and plan to visit after monsoon later this year.

I have one account in India with few lakhs in it, I'm afraid I have never stayed at my address in Surat long enough to receive Debit card from this account, thus need to withdraw cash to spend in India and pay for hotel and so on whilst in India.

Thank you once again.
Some options

-Yes, as said, try and get a debit card before your arrival or setup to receive immediately after your arrival*. SHould not be a problem and will solve all your problems (living in India, I have probably spent not more than 20000 in cash in the last month because I used cards, online transfers and Paytm (for road tolls only) wherever I could. Most of the cash was used to pay household help etc
-Hotels etc will accept cheque or online transfer , besides card.
-Transfer money to a trusted person in India either online or send them a cheque, and ask them to withdraw money from their account regularly and keep for you (has risks because of the 'trusted')
- If no card, examine PayTM or somesuch. Many banks have started their own alternatives now, which I would trust more for larger amounts. Paytm seems to be popular, though, and maybe more widely accepted.
- Many more people are now accepting alternative-to-cash payments than they used to.


* Private sector banks usually send debit card and its pin no (separately) to your registered address after a week or two. However, they will be more responsive on email and phone- many have toll free numbers- and may hold the card at your branch for you to pick up. I would call or email them now and request this, if your address is not workable.

Public sector banks are a crap shoot.
#14 Jan 14th, 2017, 10:21
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#14
I don't think so that the situation would have been improved till 2 to 3 months..because last night I went to the ATM and there was a long queue..when my turns came then there was no currency left in the ATM machine..
#15 Jan 14th, 2017, 10:37
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#15
Quote:
Originally Posted by ajitchoudhry View Post I don't think so that the situation would have been improved till 2 to 3 months.
I thought you said there would be no problem withdrawing cash from the ATM after December 31st.
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