Demonetization: Exchange limit on Rs 500, 1000 notes to reduce from Rs 4,500 to Rs 2000 from November 18
Cash Exchange limit Reduced in Banks :Here is the Flash News for all citizens of India! After the Demonetisation of Rs 500 and Rs 1000 Notes, the cash exchange limit is decided as Rs 4000 initially and few days back it was again increased to Rs 4,500. Now, the exchange limit of currency has again modified and reduced to Rs 2000. This is going to be commencing from 18th November. Economic Affairs secretary Shaktikanta Das has stated this on Thursday, 17th Nov.
Representing about the re-adjustment of the ATMs, Das said that the Task Force had before been in a meeting and a road map had been framed for the reason. He said that it would be done soon. Das guaranteed the people that there was sufficient money with the government for the total exchange of old notes.
ATM Withdrawal Limit Increased to Rs 20,000 to Rs 25,000 per week for farmers
And the economic affairs secretary is also reported that the withdrawal limit also increased to Rs 25,000 per week from Rs 20,000. This increment in ATM withdraw limit has been decided keeping in mind of crop loans repayment. Shaktikanta Das educated the media that the accounts from which money is to be withdrawn must in the agriculturists’ name. He also expressed that the Kisan Credit Cards would be the subject of similar constraints. Economic Affairs Secretary said that the government has gone to the choice that as far as possible on the yield protection premium was to be reached out by 15 days.
KYC Members can draw Up to Rs 2.5 Lakh
Talking about different limitations on the withdrawal of cash from banks taking after demonetisation, Das said that up to Rs 2.5 lakhs can be withdrawn from KYC complaint accounts for wedding services. He said that any of the person from the family, be it mother or father could withdraw up to RS 2.5 lakhs for the wedding. Das educated the media that the Central government representatives up to group C could draw a salary advance of up to Rs 10,000 in real money which would later be balanced against their salaries in November.
Overview of Money Exchange and Withdrawals in ATMs
- Money Exchange Limit for people : Rs 2000
- Money Withdrawal Limit from ATMs for farmers : Rs 25,000 per week
- Money Withdrawal Limit for normal people : Rs 20,000 per week
- Money Withdrawal Limit for KYC Complaint Accounts: Rs 2.5 Lakhs for special occasions
- Money Withdrawal Limit for Group C Employees : Rs 10,000
Date of Commencement : 18th November 2016 Onwards