Note Ban: Withdrawal Limit Lowered; But Respite for Farmers, Weddings
Note Ban: Withdrawal Limit Lowered; But Respite for Farmers, Weddings
The Finance Ministry’s latest steps to tackle the cash crunch will be received with pleasure by couples about to tie the knot and farmers, but will be cursed by people standing in serpentine queues to exchange their old notes for crackling new currency.

The steps were announced by economic affairs secretary Shaktikanta Das are as follows:# For marriages, the limit of withdrawals from bank accounts has been increased to Rs. 2.5 lakh. One member of the family – father, mother, bride or groom – can withdraw this amount# For over the counter exchange of old 500/1000 rupee notes the limit of Rs 4,500 has been reduced to Rs. 2,000, with effect from Nov 18# Farmers can withdraw Rs. 25,000 per week against crop loans sanctioned and credited to their accounts# Deadline to pay crop insurance premiums extended by 15 days# Wholesale traders registered with APMC markets can withdraw Rs. 50,000 per week# Central government employees upto group C can draw an advance of upto Rs. 10,000 in cash that’ll be adjusted against their November salaries

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