{"id":245,"date":"2009-08-07T22:03:33","date_gmt":"2009-08-07T16:33:33","guid":{"rendered":""},"modified":"2009-08-07T22:03:33","modified_gmt":"2009-08-07T16:33:33","slug":"Cant-find-an-ATM-withdraw-cash-from-a-POS-terminal-using-your-debit-card","status":"publish","type":"post","link":"http:\/\/www.raagvamdatt.com\/Cant-find-an-ATM-withdraw-cash-from-a-POS-terminal-using-your-debit-card\/","title":{"rendered":"Can\u2019t find an ATM? Withdraw cash from a POS terminal using your debit card"},"content":{"rendered":"<p>RBI has now allowed withdrawal of cash using debit cards from POS terminals. You won\u2019t have to look for ATMs any more!<br \/>\n<!--more--><\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<table>\n<tr><!-- Row 1 --><\/p>\n<td>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-8580636079496870\";\n\/* 250_250_In_Article *\/\ngoogle_ad_slot = \"4765524919\";\ngoogle_ad_width = 250;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<\/td>\n<p><!-- Col 1 --><\/p>\n<td>\n<p>If you have a credit or a debit card, you can with draw cash from an ATM (Automated Teller Machine).<\/p>\n<p \/>\n<p>You can also use your credit or debit cards at merchant establishments (shops, restaurants, etc.) for payments.<\/p>\n<\/td>\n<p><!-- Col 2 --><br \/>\n  <\/tr>\n<\/table>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p>However, till now, you couldn\u2019t use your credit or debit cards at these merchant establishments to withdraw cash. This is going to change now.<\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-8580636079496870\";\n\/\/ArticleLinkList\ngoogle_ad_slot = \"0928256543\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/--><\/script><br \/>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><b>The announcement from RBI<\/b><\/p>\n<p \/>\n<p>The Reserve Bank of India (RBI) has now allowed cash withdrawal from point of sale (POS) terminals using a debit card. (<b>It is still not allowed for credit cards<\/b>)<\/p>\n<p \/>\n<p>(Reference: RBI notification RBI\/2009-10\/105 DPSS.CO.PD.No. 147\/02.14.003\/ 2009-10 dated 22nd July 2009)<\/p>\n<p \/>\n<p>That is, RBI has now allowed you to withdraw cash from various merchants accepting a debit card.<\/p>\n<p \/>\n<p>Such withdrawals would be <b>limited to Rs. 1,000 per day per debit card<\/b>.<\/p>\n<p \/>\n<p>You would be able to withdraw cash even if you do not make any purchase from the shop \/ merchant establishment. If you make a purchase and also withdraw cash, you would receive a separate receipt for each.<\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><b>The logic behind the move<\/b><\/p>\n<p \/>\n<p>As on 31st May 2009, the number of ATMs in India is 44,857. Compared to this, the number of POS terminals in India is 4,70,237.<\/p>\n<p \/>\n<p>As you can see, the number of POS terminals accepting credit and debit cards is far higher than the number of ATMs. Therefore, allowing cash withdrawals from such POS terminals would provide a very convenient way for bank account holders to obtain cash.<\/p>\n<p \/>\n<p>Converting plastic money into real cash would be a lot easier now!<\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-8580636079496870\";\n\/\/ArticleLinkList\ngoogle_ad_slot = \"0928256543\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/--><\/script><br \/>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><b>How would it work?<\/b><\/p>\n<p \/>\n<p>You must be wondering \u2013 how can I withdraw cash from a POS terminal, which is just a machine used for swiping your debit card? Well, the details are yet to be finalized, but here\u2019s the likely scenario.<\/p>\n<p \/>\n<p>You would go to a shopkeeper (any merchant), and tell him that you want to withdraw Rs. 700. You would hand over your debit card to him.<\/p>\n<p \/>\n<p>He would swipe your card in the POS terminal, and enter the amount. He would also ask you to enter your PIN.<\/p>\n<p \/>\n<p>When the terminal authorizes the payment, Rs. 700 would get debited from your debit card (that is, from your bank account) and get credited to the merchant\u2019s account instantaneously. The merchant would hand you Rs. 700 in cash.<\/p>\n<p \/>\n<p>Simple, isn\u2019t it?<\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><b>Would there be any charges?<\/b><\/p>\n<p \/>\n<p>As mentioned earlier, the details are yet to be finalized. But you can expect to pay a small fee for this convenience.<\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-8580636079496870\";\n\/\/ArticleLinkList\ngoogle_ad_slot = \"0928256543\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/--><\/script><br \/>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p><b>From when is this facility available?<\/b><\/p>\n<p \/>\n<p>RBI has given this permission only on 22nd July, 2009. So, it would take some time for the banks to get clearance from RBI. Also, banks would need to change their software and POS terminal software.<\/p>\n<p \/>\n<p>But you can expect to start availing this facility in a few months\u2019 time.<\/p>\n<p \/>\n<p><a href=\"http:\/\/www.rbi.org.in\/commonman\/Upload\/English\/Notification\/PDFs\/CWCI220709.pdf\"><b><u>Download the RBI notification here<\/u><\/b><\/a><\/p>\n<p \/>\n<table width=\"100%\" border=\"0\" cellpadding=\"2\" cellspacing=\"2\">\n<tr  >\n<td>\n<\/td>\n<td>\n<\/td>\n<\/tr>\n<\/table>\n<p \/>\n<p>Other articles you might be interested in:<\/p>\n<p \/>\n<ul>\n<li><a href=\"http:\/\/raagvamdatt.com\/Income-tax-IT-filing-season-is-over-now-play-this-split-stocks-game-online-and-relax\/244\/\"><u>Income tax filing season is over \u2013 Now play this \u201cSplit Stocks\u201d game online and relax!<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Shopping-online-using-a-credit-or-debit-card-verified-by-visa-mastercard-mandatory-from-1st-aug-2009\/243\/\"><u>Shopping online using a credit or debit card: Verified by Visa \/ MasterCard mandatory from 1st Aug 2009<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Tax-on-gifts-gift-tax-when-to-pay-how-much-to-pay-and-what-is-exempt\/242\/\"><u>Tax on gifts (Gift tax): When to pay, how much to pay and what is exempt<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/RaagVamdatt-com-launches-mobile-enabled-site-version-now-view-the-website-on-you-cell-phone\/241\/\"><u>RaagVamdatt.com launches mobile enabled site \u2013 Now, view the website on you cell phone<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Income-tax-IT-and-death-of-a-person-responsibilities-of-legal-heirs\/240\/\"><u>Income Tax (IT) and death of a person \u2013 Responsibilities of legal heirs<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/New-fund-offers-NFOs-NFO-after-announcement-of-entry-load-removal-should-you-invest\/239\/\"><u>New Fund Offers (NFOs) after announcement of entry load removal \u2013 Should you invest?<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/No-entry-load-for-mutual-funds-MFs-how-SEBIs-move-positively-impacts-you\/238\/\"><u>No entry load for mutual funds (MFs) \u2013 How SEBIs move positively impacts you<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Budget-2009-2010-personal-income-tax-IT-related-changes-and-impact-on-you\/237\/\"><u>Budget 2009-2010: Personal income tax (IT) related changes and impact on you<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/RaagVamdatt-launches-financial-planning-service-in-India-my-financial-plan\/236\/\"><u>RaagVamdatt.com launches financial planning service in India &#8211; \u201cMy Financial Plan\u201d<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Taxation-regimes-EEE-EET-ETE-TEE-what-do-these-mean\/235\/\"><u>Taxation Regimes &#8211; EEE EET ETE TEE \u2013 What do these mean?<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/RaagVamdatt-com-Redesigned-upgraded-and-relaunched\/234\/\"><u>RaagVamdatt.com \u2013 Redesigned, upgraded and relaunched<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/ICICI-Bank-cuts-lending-rates-FRR-and-I-BAR\/233\/\"><u>ICICI Bank cuts lending rates (FRR and I-BAR)<\/u><\/a><\/li>\n<li><a href=\"http:\/\/raagvamdatt.com\/Birth-of-a-child-how-should-your-financial-planning-change\/232\/\"><u>Birth of a child \u2013 how should your financial planning change?<\/u><\/a><\/li>\n<\/ul>\n<p \/>\n","protected":false},"excerpt":{"rendered":"<p>RBI has now allowed withdrawal of cash using debit cards from POS terminals. You won\u2019t have to look for ATMs any more!<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/posts\/245"}],"collection":[{"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/comments?post=245"}],"version-history":[{"count":0,"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/posts\/245\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/media?parent=245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/categories?post=245"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.raagvamdatt.com\/wp-json\/wp\/v2\/tags?post=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}