As Janta Continues To Struggle For Cash, Exchange Limit Chopped Down To Rs 2,000. Withdraw Upto 2.5 Lakhs For Weddings
From Friday the exchange limit of old currencies have been reduced to Rs 2,000 from the existing lim
It has been over a week since the crores of people across the country are struggling to get their old Rs 500 and Rs 1,000 notes exchanged or withdraw money to meet their daily needs.
BCCL
The government had allowed the general public to withdraw up to Rs 2,500 from ATMs and Rs 4,500 over the counters daily. But many had criticised the move saying that the amount wasn't enough and it was only adding to the misery of the people.
But now the government has reduced the exchange limit of old currencies even further. From Friday, it has been fixed at Rs 2,000 from the existing limit of Rs 4,500. The use of indelible ink for such withdrawals will continue.
For over the counter exchange of old Rs 500/1000 notes, with effect from Nov 18, Rs 4,500 limit will be reduced to Rs 2000: Shaktikanta Das pic.twitter.com/55s3nRLwTI
¡ª ANI (@ANI_news) November 17, 2016
Many had argued that such small amount could affect a lot of people who had events like weddings which were planned in advance.
The government added today that one member of the family can withdraw up to Rs 2.5 lakhs from the bank for this purpose.
They will have to sign a self-declaration document saying the money was drawn against only one account ¨C father, mother, groom or bride.
This is expected to provide some relief to families who were struggling to arrange money or had to postpone the event due to demonetisation.
For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which are KYC compliant: Shaktikanta Das pic.twitter.com/Riv4s5TUDg
¡ª ANI (@ANI_news) November 17, 2016
Economic affairs secretary Shaktikanta Das said the government has also decided to increase the withdrawal limit to farmers and agri-traders.
BCCL
Farmers can now withdraw up to Rs 25,000 per week from their bank accounts.
"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.
Similarly, agri-traders have can now withdraw up to Rs 50,000 per week from their designated bank accounts.
Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.
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