Latest demonetisation shocker: exchange only Rs. 2000 once till Dec 30


New Delhi, Nov 17: After introducing indelible ink for money exchange to constrict multiple currency exchange, the government on Thursday announced another demonetisation shocker for the common man by reducing cash exchange limit to Rs 2000 from Rs 4500.

The reduced currency exchange limit comes as a government’s desperate move to combat the snarling queues at ATMs and Banks. However, the common man who is cashless after the demonetisation of Rs 500 and Rs 1000 currency notes is now bound to remain cashless till December 30.

“To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow,” said Das.

The over-the-counter exchange of Rs. 500/1,000 in return of new currency will be available “once per person till December 30.”

“This will enable larger number of people to exchange notes. There is no cash shortage and enough cash is available,” he said.

The government announced a set of seven decisions pertaining to demonetisation today.

Mocking up families that have an upcoming wedding, Das announced a warm up waiver on withdrawal. He said any one member of the household, be it a father or brother can withdraw up to Rs 2, 50,000 one-time for the celebration. He also added a “draconian” order that the person who withdraws would be subject to sign that no other individual from the family will avail this benefit again for the purpose, besides submitting the PAN card details.

In a bid to woo farmers after heated opposition at ongoing Parliament sessions Economic Affairs Secretary Shaktikanta Das made an announcement refering to sowing season ahead. He said government wants to ensure farmers get smooth supply of inputs such as seeds and fertilisers. However the decision comes after more than 40 deaths have been reported so far related to the demonetisation drive of central government.

He announced permission to farmers to withdraw up to Rs 25,000 per week and registered agri-traders Rs 50,00o per week from their bank accounts.

“Crop loans are sanctioned by various bank to farmers. The government has allowed Rs 25,000 per week for farmers to draw in cash, subject to the limit of which crops they are sowing. This cash can also be taken from their Kisan credit card,” Das said.

Next he announced a concession for farmers who sell their produce through the various Agricultural Produce Marketing Committees.

“Farmers who sell their produce in mandis, against the payments they receive by way of cheque or RTGS method (electronic transfers into their bank accounts), they can draw up to Rs 25,000 per week from their own account,” Das said.

Similarly, agri-traders registered with such marketing committees, can withdraw up to Rs 50,000 per week from their designated bank accounts.

With the latest announcements, Indians would certainly be eagerly waiting for the new year as you are bound to live with Rs 2000 in hand till December 30.

Wefornews Bureau

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