New exchange and withdrawal norms announced by government

Economic Affairs secretary Shaktikanta Das revised the operational guidelines for the withdrawal and management of cash currency in the country in a press conference today.

The changes are as follows-

  • Time limit in crop insurance premium cases is extended by 15 days.
  • Farmers can withdraw Rs 25000 per week against their crop loans.
  • For wedding ceremonies, up to Rs 2.5 lakh can be withdrawn from the bank account which is KYC compliant and only one member of the family can withdraw the money.
  • For over the counter exchange of old Rs 500 and  Rs 1000 notes, Rs 4,500 limit will be reduced to Rs 2000 with effect from November 18’2016.
  • Road map has been formed to re-calibrate all ATMs
  • Central government employees up to Group ‘C’ can draw salary advance up to Rs 10,000 in cash.
  • Kisan Credit Cards are subject to the same new limit.
  • Mandi traders can withdraw up to Rs 50,000 per week.

Prime Minister Narendra Modi’s demonetization scheme has caused a lot of trouble to the common man. But in the long run, this scheme is good for the economy and welfare of the country.

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