Min­is­ter: In­dia ATM re­set to take ‘weeks’

Kuwait Times - - FRONT PAGE -

In­dia’s cash ma­chines will take sev­eral weeks to re­set with new bills, In­dia’s finance min­is­ter said yes­ter­day, as pub­lic anger mounted over a de­ci­sion to pull the high­est de­nom­i­na­tion notes from cir­cu­la­tion. Peo­ple queued out­side banks for the third day straight, try­ing to re­place 500 ($7.50) and 1,000 ru­pee notes af­ter Prime Min­is­ter Naren­dra Modi an­nounced they would no longer be le­gal ten­der in a blitz against cor­rup­tion and tax eva­sion. Finance Min­is­ter Arun Jait­ley said ATMs could only dis­pense the new­ly­de­signed 500 ru­pee and 2,000 notes af­ter sev­eral weeks be­cause of a tech­ni­cal is­sue. “The tech­nol­ogy takes about two-three weeks to re­cal­i­brate. The cen­tral switch needs to be changed and each ma­chine needs to be al­tered in­di­vid­u­ally, about 200,000 ma­chines,” Jait­ley told re­porters in New Delhi. “And be­cause the size of the new notes is dif­fer­ent, the ma­chines are be­ing re­cal­i­brated slowly.”

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