The Government of India has today announced several measures to tie down the difficulties in exchange of notes and cash withdrawals
Highlights;
- Exchange limit lowered to Rs.2000/- from Rs.4500/-: Breather f or farmers and celebrators of wedding ceremonies.
- The Government of India today lowered the exchange limit of non-operational Rs.500/- and Rs.1000/- notes to Rs.2000/- from the existing cap of Rs.4500/-.
- In its announcement today (November 17, 2016), the government allowed up to Rs 2.5 lakh cash withdrawal from bank for the purpose of marriage celebrations.
- In a breather for farmers across the country ahead of the onset of Rabi season, the government permitted farmers to withdraw up to Rs.25000/- per week from the payment received by Cheque, RTGS etc.
- Time limit for payment of crop insurance renewal is extended by 15 days.
- It is informed by finance ministry that registered traders at mandis will be allowed to withdraw Rs.50000/- per week to meet labour cost. However, all the accounts of farmers and traders must be KYC complainant.
- The central government employees, up to group C, can draw their salary in advance up to Rs 10,000 in cash. This will be adjusted against their November salaries.
