The GoI has banned old denomination notes of Rs 1000 & 500.
For adding new notes of Rs 2000 would require the ATM to be recalibrated which requires 2-3 weeks time.
So, the present situation is that most ATMs will be stacked with Rs 100 notes.
Generally an ATM has 4 cassettes.
1 cassette = 22 Packet of notes.
1 Packet of note = 100 notes.
So, maximum number of notes a typical ATM can hold is = 4 × 22 × 100 = 8800 notes.
Since, notes will be of denomination Rs 100 so, total value of amount an ATM can hold for next few weeks = 8800 × 100 =
8, 80, 000 i.e. 8.8 Lakh.
Suppose each person in the queue withdraws Rs 2, 000 (the maximum withdrawal limit currently).
How many person can take money out?
8, 80, 000 Lakh ÷ 2000 = 440.
So, only 440 transactions each day.
When you arrive at an ATM make sure that you make a rough calculations before joining in the queue.
If queue is very long then leave it. Else you might end up standing for long hours at the ATM realising in the end that it has gone cashless.
So, use your brain & save time.
P.S. 1. As per our calculations ATMs cannot make 440 transactions per day in given scenario. Also take into consideration, single person withdrawing using multiple ATMs. So, if queue has more than 250 people better not to stand in it.
P.S. 2. It is due to this reason that banks will need to refill the ATM many times in a day to ensure that it doesn’t goes cashless.
With Great Love,
Er. Amit Yadav