Union Government announced new measures to tackle demonetisation problems
The existing limit of 4500 for exchange of old 500 and 1000 rupee notes has been reduced to 2 thousand rupees.
To contain the problems being faced by people following the demonetisation of 500 and 1000 rupees currency notes, the Union Government on 17 November 2016 announced new measures to contain the problem.
The measures were announced by Economic Affairs Secretary Shaktikanta Das.
Highlights of Measures
• Measure for Farmers: To ensure sowing in the Rabi season, farmers have been allowed to withdraw 25000 rupees a week against crop loan and Kisan credit card.
• Measures for Traders: Traders registered with Agriculture Produce Market Committee (APMC) markets and mandis can draw 50 thousand rupees in cash per week to pay for sundry expenses like wages.
• For Marriage: a person can withdraw up to 2.5 lakh rupees from bank account for marriage during ongoing wedding season. The money can be withdrawn by one member of the family, may be father or mother, bride or bridegroom.
• Crop loan insurance premium: The time limit for payment of crop loan insurance premium will be extended by 15 days.
• Central Government Employees: Employees up to Group C can draw salary advance up to 10000 rupees in cash. This advance salary will be adjusted against their salaries of November.
• The existing limit of 4500 for exchange of old 500 and 1000 rupee notes has been reduced to 2 thousand rupees.
Besides, debit card holders can withdraw up to 2000 rupees from their accounts by sweeping their cards at selected petrol Pumps. It can be done only at petrol pumps with SBI POS devices. This was done after a tie-up between the two, i.e. public sector oil marketing companies and the bank.