Demonetisation: Exchange limit reduced to Rs 2,000 from tomorrow; Rs 2.5 lakh can be withdrawn for wedding

Zee Media Bureau

New Delhi: Even as government looked at ways of augmenting supply of new 2000 and 500 rupee notes, which have been introduced in place of the scrapped older higher denomination Rs 500/1000 notes, government has decided to reduce exchange limit allowed per person.

Addressing a press conference in the National capital on Thursday,  Economic Affairs Secretary Shaktikanta Das said that effective tomorrow, exchange limit will be reduced to Rs 2,000 from earlier limit of Rs 4,500.

“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,” Das added.

For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which are KYC compliant, he said.

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

Maintaining that there is enough cash with the government, he further said that central government employees up to group C can draw salary advance up to Rs 10,000 in cash that will be adjusted against their November salaries.

Here are the key highlights of today's announcement:

Secretary DEA @DasShaktikanta briefed media persons in North Block today. Here are some important highlights from the briefing. pic.twitter.com/lOYzE9WPFU — Ministry of Finance (@FinMinIndia) November 17, 2016

Stating that the task force has held a meeting and a road map has been formed to re-calibrate all ATMs Das exhuded confidence that it will be done soon.