Demonetisation: Govt provides relief to farmers, marriage parties, reduces exchange Limit to Rs.2,000

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Government on Thursday has lowered the exchange limit for old Rs 500, Rs 1000 notes from Rs 4,500 to Rs 2,000. ““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,” Mr.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.

Demonetisation: Govt provides relief to farmers, marriage parties, reduces exchange Limit to Rs.2,000

In an effort to reduce the burden of demonetisation on the common man, Economic Affairs Secretary Shaktikanta Das on Thursday Addressing a press conference announced that families celebrating weddings can withdraw cash Up to Rs. 2.5 lakh cash from bank accounts of father or mother or groom or bride having KYC compliant for marriages.”

The government has allowed farmers to withdraw Rs 25,000 a week against crop loan/kissan credit card. Traders in agricultural mandis will be permitted to draw Rs. 50,000 in cash per week to pay for sundry expenses like wages. While the time limit for payment of crop loan insurance premium has been extended by 15 days, government employees up to Group C have been given an option to draw salary advance in cash.

Earlier, 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. Also, to avoid people from using ink removers, banks will ensure that customers will be given cash only after being marked.

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