Cash withdrawal is possible from selected petrol pumps in India. There is confusion among people regarding from which petrol pumps cash can be with drawn and which Bank’s ATM Card is accepted. Decision to allow Petrol pump cash withdrawal India is a good idea, where by cash circulation can be made easy. ATM cards is used for making this withdrawal.
What is limit of cash withdrawal through Petrol pumps in a single day. It is up to Rs.2000 that can be withdrawn from a petrol pump. In beginning days only 700 petrol pumps in India will have this facility which will be extended to Two Thousand pumps in country by next week. Soon around 20,000 Indian petrol pumps will have facility to make cash withdrawal up to Rs.2000. All these decisions are taken by Central government and Reserve Bank of India to make sure that currency circulation of small denominations of Rs.100, Rs.50 .etc. happens at point of acceptance at pumps.
From 18 November 2016, this new decision has been taken. Still there is lot of confusion to pump employees on how to do it and creates problems to customers who rush to petrol pumps for cash. Cash withdrawal from pumps is possible only by using SBI Debit – ATM card. In coming days more banks may be allowed to use their cards for petrol pump cash withdrawal India if required. HDFC Bank, Citibank, ICICI Bank swiping machines, cards will be given permission to do so in coming days. SBI ATM cards can be used now for getting cash up to Rs.2000 using special SBI card swiping machines which are installed at petrol pumps.
With demonetization of old currencies of denominations of Rs.500, Rs.1000 from India, there are lot of problems faced by common man. rom ATM’s and Bank branches Rs.2000 has been issued. But people are facing difficulty in getting changes in denominations of rupees 10, 20, 50, 100.
It can be eased out by allowing withdrawal of cash directly from petrol pumps where there are lot of change in smaller values coming.
All India Petroleum Dealers Association had supported Indian Central Government’s decision to allow cash withdrawal from pumps using ATM cards.
Main difficulty that petrol pumps will have to face is huge rush created by people who come to fill petrol and withdraw cash. If separate staff is placed for filling petrol and swiping ATM cards for withdrawing cash this problem can be avoided.
Different petrol companies like Bharat Petroleum, Hindustan Petroleum, Indian Oil did a meeting with SBI chief Arundhati Bhattacharya, based on which decision to withdraw cash from pumps was sanctioned.
There will be a limit of Rs.2000 per day that can be withdrawn at a petrol pump. Making payments for petrol filling is presently done using ATM cards at most pumps. This amount will not be included in withdrawal limit of Rs.2000 from pumps.
Till Thursday, 24th November 2016, old demonetized currencies of value Rs.1000, Rs. 500 will be accepted by petrol pumps.