Demonetising: Parts from China on the way to help banks get ATMs running

It’s been more than a week since Rs 500 and Rs 1,000 notes were scrapped but only about 22,500 — or a tenth of the country’s 202,000 automated teller machines — have been tweaked to accept new notes. Financial Astrology

That slow pace, which has no doubt played a key role in exacerbating public anxiety, has got something to do with the machines needing new parts that are in short supply and are now being rushed to India, said a senior official. “These are being purchased from China,” the official said.   Stock Market Astrology



“The magnetic component and the hardware, also known as magnetic spacer and wedge, are not in stock. Once we have the supplies, it should not take more than a week to get all ATMs running. “Adequate supplies have been lined up and are now getting continuously received.   Intraday Trading Tips






This will not pose a problem,” she said. A senior finance ministry official said some banks have told the government that the situation is manageable. “It is not a big problem and banks are sourcing the supplies,” he said. With the old notes having been withdrawn, machines that haven’t been reprogrammed can only dispense Rs 100 (or Rs 50)    Commodity Trading Tips