Banking News

Government relaxes Cash withdrawal norms for farmers and marriage celebrations


The Government of India has today announced several measures to tie down the difficulties in exchange of notes and cash withdrawals

Highlights;

  1. Exchange limit lowered to Rs.2000/- from Rs.4500/-: Breather f or farmers and celebrators of wedding ceremonies.
  2. The Government of India today lowered the exchange limit of non-operational Rs.500/- and Rs.1000/- notes to Rs.2000/- from the existing cap of Rs.4500/-.
  3. In its announcement today (November 17, 2016), the government allowed up to Rs 2.5 lakh cash withdrawal from bank for the purpose of marriage celebrations.
  4. In a breather for farmers across the country ahead of the onset of Rabi season, the government permitted farmers to withdraw up to Rs.25000/- per week from the payment received by Cheque, RTGS etc.
  5. Time limit for payment of crop insurance renewal is extended by 15 days.
  6. It is informed by finance ministry that registered traders at mandis will be allowed to withdraw Rs.50000/- per week to meet labour cost. However, all the accounts of farmers and traders must be KYC complainant.
  7. The central government employees, up to group C, can draw their salary in advance up to Rs 10,000 in cash. This will be adjusted against their November salaries.

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