Another set of rules: Govt limits bank exchange from Rs 4,500 to Rs 2,000

The government, on Thursday, announced another set of changed rules as queues continued to day eight of its demonetisation drive. It reduced the limit of over-the-counter exchange of old notes for new ones to Rs 2,000 per person from Rs 4,500 earlier.

The centre has also given the option to its lower level employees up to Group C to draw an advance of Rs 10,000 from their November salaries.

Besides, it relaxed the weekly withdrawal limits for farmers and Agriculture Produce Market Committee (APMC) traders.

It also allowed withdrawal of up to Rs 2.5 lakh from bank accounts for the explicit purpose of weddings.

“To enable larger number of people to get benefit, with effect from Nov 18 the existing limit of Rs 4,500 will be reduced to Rs 2,000. This will be once per person. The usage of indelible ink continues. The move is to ensure that a larger number of people reach the exchange counters,” Economic Affairs Secretary Shaktikanta Das said at a media briefing.

To questions that this move implied a shortage of cash with the banks, Das said that that was a wrong assumption and that there was enough money in the system.

Central govt employees can get salary advance in cash

Das said that central government employees up to group C, including those of state-owned companies, military, railways and para-military organisations, will be given the option of taking salary advance up to Rs 10,000 in cash, which will be adjusted against their November salaries.

What’s in to for farmers?

Given that crop sowing has slowed down at the commencement of Rabi Season due to a cash crunch, the centre will now also allow farmers farmers to draw Rs 25,000 per week against farm loans sanctioned or Kisan credit cards to meet their expenses. Farmers can also withdraw the same amount per week from their own accounts.

APMC traders

For traders in APMC markets the weekly withdrawal limit now stands at Rs 50,000 per week for their business requirements. Das said that these provisions are subject to strict KYC norms.

“Different states have different payment timelines for crop insurance premium. The central government has decided that time limit in cases of payment of crop loan insurance premium will be extended by 15 days,” Das said.

It’s the wedding season so you can withdraw up to Rs 2.5 lakh

Given that it is wedding season in India and a lot of complaints have been received from people with wedding ceremonies in their families, Das also announced that up to Rs 2.5 lakh will be permitted to be drawn from one of the bank accounts, either the bride or the groom, or immediate kin.

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