PM Modi’s Demonetisation Move Brings Huge Relief for Farmers and Families Celebrating Weddings

New Delhi, November 17, 2016: The government on Thursday announced a new set of measures to ease the massive cash crunch which followed after the sudden currency ban. Since November 8, the government announced several measures to reduce the pressure on people.

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Here are a few of the latest announcements made:

• The limit for exchanging the notes at the banks has been reduced to Rs. 2,000 from Rs. 4,500 for each person from Friday. Economic Affairs Secretary, Shaktikanta Das said that by this way more people would get a chance to exchange the old notes of Rs. 500 and Rs. 1,000.

[bctt tweet="Notes swapping limited To Rs. 2,000 from tomorrow" username=""]

• Families can withdraw a maximum of Rs. 2.5 lakh for weddings but that is only from one account and based on self-declaration. This was necessary as because in the wedding season, the notes ban led to a severe crisis for those families who had withdrawn cash in bulk before the demonetisation or need cash for wedding purpose.

• "Crop loans are sanctioned by various banks 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.

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• Agri-Traders can withdraw up to Rs. 50,000 per week from their designated bank accounts to pay the expenses such as wages

• "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.

• The time limit to pay the insurance premium on crop loan has been extended by 15 days.

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

-by NewsGram team with inputs from agencies