Government announced certain revised guidelines of cash exchange limits from Rs 4500 to Rs 2000 for each person starting from tomorrow during winter session of parliament.
This sudden change in financial system has created ruckus, as people are facing many more problems including long waiting hours in banks, shortage of cash in ATMs, massive chaos in the system. We know that this situation is for shorter span as things will get normal in a while.
To curb this problem of common man government has revised certain guidelines as below-
As sowing season is ongoing, government announced that farmers can withdraw up to Rs 25,000 per week against the loan sanctions to them to buy seeds, fertilizers and other products.
Kisan credit card will be subject to the same limit.
Government has also increased the time limit for the payment of insurance premium on crop has been extended by 15 days.
As wedding season is on, government said that families can withdraw Rs 2.5 lakhs at one time but only from one account based on self-declaration.
Government employees can also withdraw their salary in advance.
Traders of wholesale vegetable markets can also withdraw up to Rs 50,000 in a week to pay expenses like wages, bills etc.
Task force Meeting will be held soon to re-calibrate all ATMS.
As quoted by Economic Affairs Secretary Shaktikanta Das “this would give more people a chance to exchange banned notes of Rs 500 and Rs 1000”.
Government has taken these revised measures in response to certain severe chaos faced by people.