Source: News Bharati English17 Nov 2016 11:30:23
New Delhi, November 17: To ease the growing chaos due to Cash crunch, Economic Affairs Secretary, Shaktikanta Das addressed the media and briefed about demonetization to announce the new set of rules on Thursday.
Das announced another set of measures which includes new exchange and withdrawal norms.
The norms are as follows:
- The Government allows farmers to draw money from banks against loans sanctioned to them.
- Farmers will be able to withdraw up to Rs.25,000 per week against their crop loans in cash, adding the time limit to pay crop insurance premiums has also been extended by 15 days.
- Kisan Credit Cards will be subject to the same new limit.
- Traders in agricultural Mandis can now withdraw up to Rs.50,000 per week.
- Families will now be able to withdraw Rs 2.5 lakh for weddings from one account. "One member of the family, be it a father or mother can withdraw up to Rs 2.5 lakhs for a wedding.
The limit to exchange old currency notes at banks has been reduced from Rs.4500 to Rs.2000 from November 18, Friday.
Talking about the lack of enough ATMs to dispense money around the country, Das said that the task force had held a meeting and a road map has been formed to re-calibrate all ATMs and ensure that it will be done soon. Also, there is enough cash available with the government, he added.
Central govt employees up to group C can draw salary advance up to Rs 10,000 in cash that'll be adjusted against their November salaries.