Government Reduced Exchange Limit of Old Currency and Eased Norms for Farmers and Marriages

By siliconindia | Friday, 18 November 2016, 05:18 Hrs

BENGALURU: The common people in the country are facing hardships in exchanging old currency and withdrawing new currency notes. Families having marriages around the corner and farmers are most affected by the demonetization move. Soon after demonetization, the government had set an exchange limit of 4000, which was later increased to 4500. However, NDTV Profit reported that government eased the transaction restrictions for families with upcoming marriages and farmers, but the exchange limit is decreased to 2000.

Shaktikanta Das, Secretary, Economic Affairs said that families doing preparation for marriages can withdraw a sum of 2.5 lakh from their bank accounts after providing a self-declaration and PAN details to the bank. This decision came as a huge relief for the families whose marriage preparations are affected because of the demonetization move by the government.

Farmers are also facing problems with shortage of money due to withdrawal restrictions after demonetization.. Mr. Das announced that farmers having Kisan credit cards or taken a crop loan can withdraw 25000 per week. The farmers who received payments through cheque or RTGS in their KYC-complaint bank accounts can withdraw an additional amount of 25000 per week. As a whole, farmers with KYC-complaint bank accounts can now withdraw a sum of 50000 in a week.

In another announcement, Mr. Das said that government has decided to reduce the exchange limit to 2000 from 4500. This decision is taken by the government to facilitate more people at the bank counter. Many people repeatedly visited banks to exchange money while some others were not getting benefitted. The government came up with an idea of applying indelible ink on fingers of people exchanging larger denominations. However, now government decreased the exchange limit to provide benefits to more people.