Exchange of old notes limited to Rs 2000

NewsDesk
Exchange of old notes limited to Rs 2000

Modi Government today November 17 revised certain guidelines for the exchange of old notes and withdrawal of cash by limiting counter exchange of old Rs 500 and Rs 1000 from Rs4500 to Rs. 2000 from Friday onwards. Currently one person can exchange Rs 4500. This is done to allow more people to exchange money. Das denied that this is any indication of reduced currency availability with the government. "We have enough currency notes available," he said.This rule is only for exchanging ols notes not for withdrawing cash from accounts.

Government also allowed farmers to withdraw cash from banks against loans sanctioned to them .Farmers can withdraw Rs 25,000 per week from accounts where farmers get either by cheque or which is credited by RTGS accounts.Economic Affairs Secretary Shaktikanta Das told reporters, adding the time limit to pay crop insurance premiums has also been extended by 15 days. 

APMC-registered traders will be allowed to withdraw up to Rs 50,000 per week to meet their cash requirements. All businesses are already allowed to withdraw a similar amount.

The central govt staff up to group C, including defence and paramilitary, can draw salary advance up to Rs 10,000 in cash. It will be adjusted against their November salaries. This is expected to reduce the pressure on the banks.

For wedding purposes one member of the family can withdraw upto  Rs 2.5Lakhs for one account.  

 

 

Exchange of old notes Rs.500 and Rs.1000 limited to Rs 2000 instead of Rs 4500

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