Tuesday, January 31, 2017
Old notes exchange limit reduced to Rs 2 000
Old notes exchange limit reduced to Rs 2 000
Families can withdraw up to Rs. 2, 50,000 for weddings and the existing limit of Rs. 4,500 for exchange of old Rs. 500 and Rs. 1,000 notes will be reduced to Rs. 2,000 from Friday, Economic Affairs Secretary Shaktikanta Das said on Thursday.
Mr. Das, in an address to the media, made the following announcements:
To ensure sowing in Rabi season, the government has allowed farmers to withdraw Rs 25,000 a week against crop loan/kissan credit card.
Existing limit of Rs. 4,500 for exchange of old Rs. 500 and Rs. 1,000 notes will be reduced to Rs. 2,000 from tomorrow.
Up to Rs 2.5 lakh cash can be drawn from bank accounts for weddings.
Traders in agricultural mandis permitted to draw Rs. 50,000 in cash per week to pay for sundry expenses like wages.
Time limit for payment of crop loan insurance premium to be extended by 15 days.
Govt employees up to Group C will have an option to draw salary advance in cash.
Among other measures, it has allowed up to Rs 2.5 lakh cash withdrawal from bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.
“To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow,” Economic Affairs Secretary Shaktikanta Das told reporters.
The over-the-counter exchange of Rs. 500/1,000 in return of new currency will be available “once per person till December 30“.
“This will enable larger number of people to exchange notes. There is no cash shortage and enough cash is available,” he said.
The decision comes a day after the government directed banks to put indelible ink mark on the right index finger of persons to screen them from using the exchange facility more than once.
Prime Minister Narendra Modi had on November 8 demonetised Rs 500 and Rs 1,000 notes in his bigger war against black money, terror financing and counterfeit notes.
Since then a lot of representations have come to Prime Minister and Finance Minister to ease withdrawal norms for wedding purposes.
“This has been considered by the government and decided that for wedding ceremonies, up to Rs 2.5 lakh will be allowed to be withdrawn from account if father or mother or the bride and groom,” Mr. Das said.
He said the account has to be KYC compliant and self declaration has to be given to the bank.
The Rs 2.5 lakh can be withdrawn from only one account.
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