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- For wedding ceremonies, up to Rs 2.5 lakh can be withdrawn from the bank account which is KYC compliant and only one member of the family can withdraw the money.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.