Todays Update On Cash | The government today an...

Todays Update On Cash | The government today announced another set of measures to ease a massive cash crunch after the sudden currency ban last week

Deal Subedar

The limit for swapping notes at banks has been reduced from Rs. 4,500 to Rs. 2,000 for each person from Friday. Economic Affairs Secretary Shaktikanta Das said this would give more people a chance to exchange banned Rs. 500 and Rs. 1,000 notes.

The withdrawal limit was raised from Rs. 4,000 just four days ago, a measure that was welcomed by many as it would mean less trips to the bank.

Families have been allowed a one-time withdrawal of Rs. 2.5 lakh for weddings but only from one account, based on self-declaration. In the wedding season, the notes ban has led to a severe crisis for families who had withdrawn cash in bulk just before the demonetisation.

Farmers can withdraw up to Rs. 25,000 a week against loans sanctioned to them to buy seeds and fertilizers and credited to their accounts.

Traders in vegetable wholesale markets can withdraw Rs. 50,000 a week to pay for expenses like wages.
Rs. 25,000 a week can be drawn from payment that farmers receive for agricultural produce in form of cheques.
The time limit for the payment of insurance premium on crop loan has been extended by 15 days.

Government employees will have the option to draw salary advance in cash.