Bank exchange limit reduced to Rs 2,000 from Rs 4,500: 10 big developments

DEA Secretary Shaktikanta Das, addressing a press conference in the National capital, made several announcements today --Here are 10 big developments.

Last Updated: Nov 17, 2016, 11:54 AM IST
Bank exchange limit reduced to Rs 2,000 from Rs 4,500: 10 big developments

Zee Media Bureau

New Delhi: Existing limit of Rs 4,500 for exchange of old 500 and 1000 rupee notes will be reduced to Rs 2,000 from tomorrow, Economic Affairs Secretary Shaktikanta Das said on Thursday.

Das, addressing a press conference in the National capital, made several announcements today.

Here are 10 big developments:

1. Over the counter exchange of old Rs 500 and Rs 1000 notes, w.e.f 18th November, the existing limit of Rs. 4500 will be reduced to Rs 2000

2. To ensure sowing in rabi season, govt allows farmers to withdraw Rs 25,000 a week against crop loan

3. Kisan Credit Cards will be subject to same new limit

4. Rs 25,000 a week can be drawn from payment that farmers receive for agri produce in form of cheque or RTGS

5. Traders in agri mandis permitted to draw Rs 50,000 in cash per week to pay for sundry expenses like wages

6. Up to Rs 2.5 lakh cash can be drawn from bank account for a marriage during ongoing wedding season

7. One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding

8. Govt employees up to Group C will have an option to draw salary advance in cash

9. Such withdrawal will be adjusted against their November salaries

10. A road map has been formed to re-calibrate all ATMs; to be done soon