Another set of rules: Govt limits bank exchange from Rs 4,500 to Rs 2,000

[Kool_SRG]

It also allowed withdrawal of upto Rs 2.5 lakh from bank accounts for the explicit purpose of weddings

 

 

The government, on Thursday, announced another set of changed rules as queues continued to day eight of its demonetisation drive. It reduced the limit of over-the-counter exchange of old notes for new ones to Rs 2,000 per person from Rs 4,500 earlier.

 

The centre has also given the option to its lower level employees up to Group C to draw an advance of Rs 10,000 from their November salaries.

 

Besides, it relaxed the weekly withdrawal limits for farmers and Agriculture Produce Market Committee (APMC) traders.

 

It also allowed withdrawal of up to Rs 2.5 lakh from bank accounts for the explicit purpose of weddings.

 

“To enable larger number of people to get benefit, with effect from Nov 18 the existing limit of Rs 4,500 will be reduced to Rs 2,000. This will be once per person. The usage of indelible ink continues. The move is to ensure that a larger number of people reach the exchange counters,” Economic Affairs Secretary Shaktikanta Das said at a media briefing.

 

To questions that this move implied a shortage of cash with the banks, Das said that that was a wrong assumption and that there was enough money in the system.

 

Central govt employees can get salary advance in cash

 

Das said that central government employees up to group C, including those of state-owned companies, military, railways and para-military organisations, will be given the option of taking salary advance up to Rs 10,000 in cash, which will be adjusted against their November salaries.

 

What's in to for farmers?

 

Given that crop sowing has slowed down at the commencement of Rabi Season due to a cash crunch, the centre will now also allow farmers farmers to draw Rs 25,000 per week against farm loans sanctioned or Kisan credit cards to meet their expenses. Farmers can also withdraw the same amount per week from their own accounts.

 

APMC traders

 

For traders in APMC markets the weekly withdrawal limit now stands at Rs 50,000 per week for their business requirements. Das said that these provisions are subject to strict KYC norms.

 

“Different states have different payment timelines for crop insurance premium. The central government has decided that time limit in cases of payment of crop loan insurance premium will be extended by 15 days,” Das said.

 

It's the wedding season so you can withdraw up to Rs 2.5 lakh

 

Given that it is wedding season in India and a lot of complaints have been received from people with wedding ceremonies in their families, Das also announced that up to Rs 2.5 lakh will be permitted to be drawn from one of the bank accounts, either the bride or the groom, or immediate kin.

[Kool_SRG]

No plan to reintroduce Rs 1,000 note, Arun Jaitley says

NEW DELHI: "The government's decision to limit the exchange of banned Rs 500 and Rs 1,000 notes to Rs 2,000+ , from the existing cap of Rs 4,500+ , would stop misuse of funds," finance minister Arun Jaitley said on Thursday.

Jaitley also ruled the possibility of reintroduction of Rs 1,000 note in immediate future. "As of now, there is no plan to reintroduce Rs 1,000 note," he said.

The finance minister also said that 22,500 ATMs will be re-calibrated today.

Earlier in the day, the government eased restrictions on cash withdrawal by farmers and families with upcoming weddings

Economic affairs secretary Shaktikanta Das said now families preparing for a wedding can withdraw up to Rs 2.50 lakh from bank account giving PAN details and self declaration.

However, with effect from tomorrow individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, only once till December 30.

 

 

Besides, farmers who have taken crop loan or have kisan credit card can withdraw Rs 25,000 per week. Also those who have got payments through RTGS or cheque deposit in KYC compliant bank account can withdraw an additional Rs 25,000 a week. This takes the total cash withdrawal limit for farmers from KYC complaint bank accounts to Rs 50,000 per week.

 

 

Das said ever since the demonetisation announcement was made, a lot of representations have come to Prime Minister and finance minister Arun Jaitley to ease withdrawal norms for wedding purposes.

 

 

"It has been decided that for wedding ceremonies which are going on, up to Rs 2.50 lakh will be permitted to be drawn from the bank account... and that has to be drawn one person per marriage and can be drawn either from the account of the father or the mother or the account of either of the boy or girl, who are getting married, and these accounts naturally will have to be KYC compliant," he said.

 

 

 

 

Das said PAN details would have to be mentioned for such withdrawals and a self declaration also will be obtained that the money has been drawn only from one account.

 

[Kool_SRG]

Exchange limit reduced to stop misuse, new Rs 1k notes will take time: Jaitley

 

New Delhi: Union Finance Minister Arun Jaitley on Thursday said that that the government has no plans to introduce new notes of Rs 1,000 as of now.

Jaitley explained that the government decided to reduce the exchange limit of scrapped notes to stop misuse of funds.

“1000 Rupee notes will not be reintroduced as of now. Exchange limit of Rs 4,500 over counter reduced to stop misuse of funds,” Jaitley said.

“22,500 ATMs to be re-calibrated today, nearly 2 lakh ATMs exist as of now,” Jaitley added.

Earlier on Thursday, Government lowered the exchange limit for now-defunct 500 and 1,000 rupee notes to Rs 2,000 from the existing cap of Rs 4,500, effective Friday.

Among other measures, it allowed up to Rs 2.5 lakh cash withdrawal from bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.

"To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow," Economic Affairs Secretary Shaktikanta Das had told reporters.

The over-the-counter exchange of Rs 500/1,000 in return of new currency will be available "once per person till December 30".

"This will enable larger number of people to exchange notes. There is no cash shortage and enough cash is available," he said.

The decision comes a day after the government directed banks to put indelible ink mark on the right index finger of persons to screen them from using the exchange facility more than once.

[Kool_SRG]

Rojuko kotha rule...Becoming complicated...

Limit down for exchange from Rs.4500 to Rs.2000 and that to only once per person till Dec 30th...Big trouble for people who have genuine money awaiting to get it exchanged.

[Bhai]

Ok