Demonetisation: Exchange limit on Rs 500, 1000 notes to reduce from Rs 4,500 to Rs 2000 from November 18

Economic Affairs secretary Shaktikanta Das on Thursday briefed the media and said that for over the counter exchange of Rs 500, Rs 1000 notes, the limit would be reduced from RS 4,500 to Rs 2000 from November 18.

Economic Affairs secretary Shaktikanta Das on Thursday briefed the media said that for over the counter exchange of Rs 500, Rs 1000 notes, the limit would be reduced from RS 4,500 to Rs 2000 from November 18.He further said that farmers could now withdraw up to Rs 25,000 per week against sanctioned crop loans.

He informed the media that the accounts from which money is to be withdrawn must in the farmers’ name. He further stated that the Kisan Credit Cards would be the subject of the same limitations. He said that the government has come to the decision that the time limit on the crop insurance premium was to be extended by 15 days.

Speaking of other limitations on the withdrawal of money from banks following demonetisation, Das said that up to Rs 2.5 lakhs can be withdrawn from KYC compliant accounts for marriage ceremonies. He said that only one member of the family, be it mother or father could draw up to RS 2.5 lakhs for the wedding. Das informed the media that the Central government employees up to group C could draw a salary advance of up to Rs 10,000 in cash which would later be adjusted against their salaries in November.

Speaking of the re-calibration of the ATMs, Das said that the Task Force had earlier been in a meeting and a road map had been formed for the purpose. He said that it would be done soon. Das assured the public that there was enough cash with the government for the complete exchange of old currencies.

source:The financial express