In what could send another round of shockwaves across the country, the Narendra Modi government has decided to lower the exchange limit for the now-defunct Rs 500 and Rs 1,000 notes. From the existing cap of Rs 4,500, the over-the-counter exchange limit will be reduced to Rs 2,000 effective 18 November “once per person till December 30”.
Relief For Weddings
Among other measures, the government 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. Das said the account has to be KYC compliant and self declaration has to be given to the bank.
Better Times For Farmers?
Given the country is at the commencement of Rabi sowing season, the government has decided to ensure “farmers get smooth supply of inputs such as seeds and fertilisers”.
“The government has allowed Rs 25,000 per week for farmers to draw in cash, subject to the limit of which crops they are sowing. This cash can also be taken from their Kisan credit card,” Das said.
Registered Traders Stand To Gain
Agri-traders registered with marketing committees (APMC) can withdraw up to Rs 50,000 per week from their designated bank accounts.
Advance Salaries For Govt Employees
In addition, central government employees up to Group ‘C’ can now withdraw Rs 10,000 as advance to be adjusted against their November salary. This will also apply to employees of Indian Railways, defence and state-run units.
News Source: The Quint