After demonetization of old notes, the Govt. had imposed restrictions on withdrawals from ATMs and banks. This restriction on withdrawal b...
After demonetization of old notes, the Govt. had imposed restrictions on withdrawals from ATMs and banks. This restriction on withdrawal badly hit the farmers, vegetable traders and people who needed money for marriage in their family.
Considering the genuine difficulties faced by such people, the Govt. has lent relief by increasing the withdrawal limit for such people. Now one member of the family, be it mother or father could draw up to Rs. 2.5 lakh for wedding. Farmers can withdraw up to Rs. 25,000 per week against loans sanctioned to them to buy seeds and fertilizers.
Vegetable traders in wholesale markets can withdraw Rs. 50,000 per week for expenses like wages. Government employees will have the option to draw salary advance in cash.
Further, the withdrawal limit for exchanging old notes has been reduced from Rs 4,500 to Rs 2,000 from November 18, 2016.
- ग्रुप सी स्तर तक के सरकारी कर्मचारियों को उनकी सैलेरी से 10,000 रुपए एडवांस नकद दिए जाएंगे
- पंजीकृत व्यापारी प्रति सप्ताह 50,000 रुपए तक निकाल सकते हैं
- सरकार द्वारा नए नियमों की घोषणा, किसान एक हफ्ते में 25,000 तक की रकम निकाल सकते हैं
- जिन घरों में शादी है उनके लिए बड़ी राहत, शादी के लिए 2.5 लाख तक की रकम निकाली जा सकेगी
- पुराने नोट बदलने की सीमा को घटाया गया, शुक्रवार से 2000 रुपए तक ही पुराने नोट बदले जा सकेंगे
- नोट बदलने की सीमा घटा कर २०००/- रूपए की।
#Demonetisation: Farmers can now withdraw up to Rs. 25,000/week against payments made into their accounts from APMC mandis pic.twitter.com/qUByyXyhbS— PIB India (@PIB_India) November 17, 2016
- Central govt employees up to group C can draw salary advance up to Rs 10,000 in cash that'll be adjusted against their Nov salaries: S Das
- One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding: Economic Affairs Secretary Shaktikanta Das
- For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from bank account which are KYC compliant either of couple married or by their parents after getting self declaration from them that amount is being withdrwan from single account for this purpose.
- Farmers allowed to withdraw up to 25000/- per week to withdraw from corp loan
- Farmers allowed to withdraw up to 25000/- per week against payment made for APMC Mandies
- Time limit to pay crop insurance premium extended by 15 days
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including those from the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:
i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).
ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.
iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.
iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.
v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.
vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.
vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the pressure on the banks.(read official notification and performa to claim advance)
MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th November, 2016 S.O. 3480(E).—
In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3408(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—
1. In the said notification, in paragraph 1, after clause (q), the following clauses shall be inserted, namely :—
- “(r) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India;
- (s) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India.”.
[F. No. 10/03/2016-Cy.I] Dr. SAURABH GARG, Jt. Secy. Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3408 (E) dated the 8th November, 2016 and subsequently amended vide notification number S.O. 3416(E) dated the 9th November, 2016, S.O. 3429(E) dated the 10th November, 2016, S.O. 3445(E) dated the 11th November, 2016, S.O. 3447(E) dated the 13th November, 2016 and S.O. 3448(E) dated 14.11.2016.