8 New Highlights On Currency Demonetization

Last week, government of India demonetized Rs 500, Rs 1000 with aim to fight black money and corruption.

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The government on Thursday announced new set of measures to help farmers and enable large number of people to exchange notes.

Last week, government of India demonetized Rs 500, Rs 1000 with an aim to fight black money and corruption.

Currency Ban: Govt Reduces Cash Exchange Limit To Rs 2000

1. The government on Thursday allowed to withdraw up to Rs 2.5 lakh for weddings ceremonies from bank accounts of either the couple getting married or their parents.

2. The existing limit of Rs 4,500 for exchange over the counter is reduced to Rs 2000 from tomorrow, to enable lrge number of people to exchange notes.

3. The government also extended the time limit to pay premium of crop insurance loan by farmers by 15 days.

4. Traders who are registered with APMC markets will be allowed to withdraw up to Rs 50,000 per week from their accounts.

5. Farmers to be allowed to withdraw up to Rs 25,000 per week against payments made into their accounts from APMC mandis.

6. Farmers will also be allowed to withdraw up to Rs 25,000 per week against crop loans sanctioned by banks subject to loan limits.

7. Government employees will have the option to draw salary advance in cash.

8. Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.

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Read more about: currency, rs 2000, rbi, currency ban
Story first published: Thursday, November 17, 2016, 12:21 [IST]
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