Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
New curbs on exchanging old notes; Relief to farmers and higher withdrawal limits for marriages
On Thursday, Economic Affairs secretary Shaktikanta Das said that the limit for exchange of Rs 500 & Rs 1000 notes has been reduced from Rs 4,500 to Rs 2,000.
The initial limit set by the government was Rs.4,000 and four days ago this limit was increased to Rs.4,500.

This new curbing will come into effect from November 18. While briefing the media, Das also said that the farmers will now be allowed to withdraw up to Rs 25,000 per week against sanctioned crop loans but the money can only be withdrawn from the accounts that are in the farmers' name.

Giving another relief to the farmers, Das said that the government has decided to extend the time limit on the crop insurance premium by 15 days.

Addressing concerns of those who have marriage ceremonies planned, Das said that they will be allowed to withdraw up to Rs 2.5 lakhs from KYC compliant accounts. This withdrawal will be allowed by only one member of the family.

The government also said that traders in vegetable wholesale markets will now be allowed to withdraw Rs. 50,000 per week.

The Central government employees up to Group 'C' can now draw their salary in advance up to Rs 10,000 in cash and this withdrawal will later be adjusted against their salaries for the month of November.

Addressing the concerns regarding ATMs not being able to dispense new notes, Das said that a Task Force has held a meeting and a road map has been formed to re-calibrate all ATMs.

Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
Sign in to set your preference
merinews for RTI activists

Not finding what you are looking for? Search here.