Money & Banking

Higher withdrawal limit for farmers, marriages; note swap limited to ₹2,000 per person

Surabhi New Delhi | Updated on January 15, 2018 Published on November 17, 2016

To ease the difficulties being faced following demonetisation of ₹500 and ₹1,000 currency notes, the Finance Ministry has now extended relaxations for the agriculture sector and those in the midst of marriage preparations.

However, the Finance Ministry has also lowered the limit for converting old notes from ₹4,500 to ₹2,000 per person.

"This will enable more people to use the facility," said Economic Affairs Secretary Shaktikanta Das on Thursday, adding that the restriction will come into effect from Friday.

Based on representations, farmers will now be allowed to withdraw up to ₹25,000 each week against loans sanctioned to them or payment received through cheque or RTGS.

To enable smooth procurement, traders registered with the APMC market will be allowed to withdraw ₹ 50,000 per week.

For those preparing for a marriage in the family, the father, mother, bride or bridegroom will be permitted to withdraw up to ₹2.5 lakh in cash. Only one such withdrawal will be permitted per marriage.

Central government employees up to grade C will also have the option of getting up to ₹10,000 advance salary in cash.

Published on November 17, 2016
null
This article is closed for comments.
Please Email the Editor