With the demonetisation creating hardships in the middle of marriage and sowing seasons, government on Thursday allowed witdrawals up to Rs 2.5 lakh for weddings and up to Rs 50,000 for farmers but more than halved the limit of exchange of defunct notes to Rs 2,000.
Economic Affairs Secretary Shaktikanta Das said the families preparing for a wedding can withdraw up to Rs 2.50 lakh from bank account giving PAN details and self declaration.
However, with effect from today (Friday) individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, only once till December 30.
Besides, farmers who have taken crop loan or have kisan credit card can withdraw Rs 25,000 per week. Also those who have got payments through RTGS or cheque deposit in KYC compliant bank account can withdraw an additional Rs 25,000 a week. This takes the total cash withdrawal limit for farmers from KYC compliant bank accounts to Rs 50,000 per week.
Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes and since then large number of seemingly unending queues before banks and post offices are seen in order to exchange these currencies.
Select bank branches across metro cities have already started applying indelible ink on the right hand index finger of people who are exchanging notes.
“There is enough cash available with the government. This (reducing currency exchange limit) is mainly to enable larger number of people to reach the counter... We find that many people are not able to reach the counter and same persons are visiting the counter multiple times and other people are not getting the benefits,” Das said.
Das said ever since the demonetisation announcement was made, a lot of representations have come to Prime Minister and Finance Minister Arun Jaitley to ease withdrawal norms for wedding purposes.
“It has been decided that for wedding ceremonies which are going on, up to Rs 2.50 lakh will be permitted to be drawn from the bank account... and that has to be drawn one person per marriage and can be drawn either from the account of the father or the mother or the account of either of the boy or girl, who are getting married, and these accounts naturally will have to be KYC compliant,” he said.
Das said PAN details would have to be mentioned for such withdrawals and a self declaration also will be obtained that the money has been drawn only from one account.
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PETROL PUMPS TO
DISPENSE CASH
UP TO RS 2,000
* In a bid to ease cash crunch, the government on Thursday allowed dispensing cash of up to Rs 2,000 through debit card swipe at select petrol pumps
* Rs 2000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where POS machines of SBI are already available
* POS machines are the machines which are generally used for debit or credit card transactions
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Govt rejects demand
for PM's reply on
demonetisation row
* The government rejected demand for Prime Minister Narendra Modi's response on the debate on demonetisation
* It accused the opposition of using it as an excuse to scuttle discussion on the issue in Parliament
* It said that the reply would be given by the minister concerned or any other person on behalf of the govt
* Oppn disrupted the Rajya Sabha, stalling midway the discussion on demonetisation that started on Wednesday
More on pg 8
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DELHI POLICE, IT DEPT
RAIDS AFTER STING
OPS ON CASH EXCHANGE
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MAMATA, KEJRIWAL
WARN OF UNREST
IN COMING DAYS
>> See pg 8
