Limit of Exchanging Notes drops from 4500 to 2000

The Government of India announced a new set of measures to manage cash crunch after demonetization policy last week.

demonetization

Measures taken are as follows:

  • The Limit of Exchanging old notes to get new has been reduced from Rs. 4500 to Rs. 2000 from Friday. On the other hand, Withdrawal limit has been raised from Rs. 4000 a few days back.
  • Families are allowed to withdraw up to Rs. 2.5 lakh for the wedding but from only one account.
  • Vegetable wholesale market traders will be allowed to withdraw Rs. 50,000 per week to pay for expenses like wages.
  • Farmers are allowed to withdraw up to Rs. 25,000 a week against loans sanctioned to them to buy seeds and fertilizers.
  • The time limit for the payment of insurance premium on crop loan has been extended by 15 days.
  • Government employees will be given an option to draw a salary in advance in cash.

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