Published On : Thu, Nov 17th, 2016

Exchange of old notes reduced from Rs 4500 to Rs 2000 per week from tomorrow

13queue11Nagpur/Mumbai: Economic Affairs Secretary Shaktikanta Das briefs media on demonitization. Highlights…

— Govt has decided to permit farmers to withdraw up to Rs 25,000 per week against crop loans sanctioned and credited to their accounts. The account has to be KYC compliant.

— Payment of crop insurance premium extended to 15 days.

— Mandi traders can withdraw Rs 50,000 per week. Again the account has to be KYC compliant.

— For wedding ceremonies, Rs 2.5 lakh can be drawn per week, from the parents or the couple’s accounts. All the accounts have to be KYC compliant. A self declaration has to be furnished that the money is drawn from one account.

— And the best for the last — the over the counter exchange of old Rs 500 and Rs 1000 notes — has been brought down from Rs 4500 per week to Rs 2000 per week. This, says Das, will enable larger number of people to get the benefit. This comes into effect from November 18.