Over the counter exchange of old currency reduced from Rs 4,500 to 2,000

Das said that for over-the-counter exchange of old notes, the limit has been reduced from Rs 4,500 to 2,000 effective from Nov 18

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New Delhi, Nov 17: For wedding ceremonies up to Rs 2.5 lakh can be withdrawn from bank accounts which are KYC compliant, Shaktikanta Das, secretary economic affairs announced on Thursday. The announcement was made at a press conference.

[Also read: Cash crisis: Currency chest staffers working for 20 hrs daily]

The other important announcement was with regard to exchange of currency over-the-counter. Das said that for over-the-counter exchange of old Rs 500 and 1,000 notes, the limit has been reduced from Rs 4,500 to 2,000 effective from November 18.

Can draw Rs 2.5 lakh for weddings: govt

Important announcements

  • Farmers can draw up to Rs 25,000 per week against crop loans sanctioned in their name by banks.
  • Time limit in crop insurance premium cases will be extended by 15 days.
  • Upto Rs 2.5 lakh can be drawn from KYC compliant bank accounts for wedding arrangements. It can be withdrawn either by the father or mother.
  • For over the counter exchange of old Rs 500 and 1,000 notes, the limit has been reduced from Rs 4,500 to 2,000 effective from November 18.
  • Central government employees up to the group C can draw salary advance of up to Rs 10,000 in cash that will be adjusted against their November salaries.
  • Registered traders allowed to draw up to Rs 50,000 per week.

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