Farmers can now use old Rs 500 notes to buy seeds

Farmers can now use old Rs 500 notes at state-owned outlets towards the purchase of seeds, the Finance Ministry said in a statement

By: Express Web Desk | New Delhi | Updated: November 21, 2016 9:51 pm
mumbai, mumbai farmers, maharashtra farmers, maharashtra schools, currency ban, rs 500 ban, rs 1000 ban, maharashtra government, indian express news, Farmers can now use old Rs 500 notes at state-owned outlets towards the purchase of seeds, the Finance Ministry said in a statement

Days after allowing farmers to make cash withdrawals up to Rs 25,000 per week against sanctioned crop loans, the Centre on Monday announced that they will now be allowed to use old high denomination notes for purchasing seeds. Farmers can now use old Rs 500 notes at state-owned outlets towards the purchase of seeds, the Finance Ministry said in a statement.

With the onset of winter, farmers were gearing for the Rabi season. However, Prime Minister Narendra Modi’s November 8 announcement has taken a toll on rural population as the agriculture sector is entirely cash-dependent. Cash crunch meant that farmers had no money to pay farm hands, threatening production of key commodities. With food rations dwindling and no takers for old Rs 500 and Rs 1000 notes, daily-wage earners also struggled to make ends meet.

West Bengal Chief Minsiter Mamata Banerjee, who is trying to stitch up a rainbow coalition against demonetisation, asked the Centre to come up with a proper plan of action instead of “announcing new changes” everyday.  “The lower middle class, traders, daily wagers, housewives are the worst sufferers,” she said.

Meanwhile, the Reserve Bank relaxed norms on cash withdrawals. It said that overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week. Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week. “On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also,” the central bank said.

Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may now withdraw upto Rs 50,000 in cash, in a week. However, this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. The Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.

With PTI inputs

For all the latest India News, download Indian Express App now

First Published on: November 21, 2016 2:21 pm
  1. R
    Raj
    Nov 21, 2016 at 9:59 am
    Nonsense
    Reply
    1. H
      Haru Mandal
      Nov 21, 2016 at 9:53 am
      Did someone say 'As you sow, SO you WILL reap'?
      Reply
      1. J
        Jholmaal
        Nov 21, 2016 at 11:40 pm
        Mumtaa is n0nsense l@dy. Who pays poor segment of Bengalis in 500 and 1000? . .. only party and club funds use these denominations. And these Bengalis do not have voice to declare that they do not need mumta to take these rubbish stand. She is celfish l@dy . . .once work is done, she kick all all her supporters.
        Reply
        1. J
          Jholmaal
          Nov 21, 2016 at 11:34 pm
          So many politicians are farmers!! . . . How will govt.monitor that they will not buy seeds of corruption? . .C0rrupt bureaucrats can easily declare acres of land for poor farmers and convert cash in their name.
          Reply
          1. S
            sundara rami
            Nov 21, 2016 at 9:20 am
            Govt. has become mad and thinks only Govt. hospitals, Govt. seed supply units etc. are only genuine. but they could cater only minuscule. implementation is totally failure. common man, farmer, labour, small trader are the worst hit. this shows arrogance and immaturity of the central govt. leaders.
            Reply
            1. A
              anamik
              Nov 21, 2016 at 9:37 am
              Daily new and ridiculous rules are being supplied by the Govt. but the Banks are denying to follow them. Very wonderful situation.
              Reply
              1. A
                anamik
                Nov 21, 2016 at 9:36 am
                What about the great speech of PM that after 12 night of 8th Nov., old big notes will be converted to just piece of paper? Very immature Govt. of the history of India. Feel pity for this.
                Reply
                1. S
                  SubbuI
                  Nov 22, 2016 at 5:32 am
                  MOHAMOD BIN TUGHLAQ AND HITLER COMBINED NALAYAK NMODI IS BATTINGlt;br/gt;ALREADY 18 RUNS( CHANGES ON PREESURE).DIS GRACE FULL
                  Reply
                  1. S
                    Suneeb
                    Nov 22, 2016 at 5:31 am
                    For Poor farmers like Reliance in Gujrat are very much help full this new relaxation... Modi Daaaaaaaaaa......
                    Reply
                    1. S
                      Suneeb
                      Nov 22, 2016 at 5:17 am
                      Tomorrow Modi will announce Prosutes those rates below 1000 Rs also can use/accept old 500s and 1000s
                      Reply
                      1. A
                        ashok s
                        Nov 21, 2016 at 10:07 am
                        Does govt think we Indians ate stupid . govt had last resort to make his presence felt that why govt introduced such law.
                        Reply
                        1. A
                          ashok s
                          Nov 21, 2016 at 10:06 am
                          From where govt brought this seeds etc make it public. Every now and then you can't change law . law is not proprietorship of govt.
                          Reply
                          1. A
                            ashok s
                            Nov 21, 2016 at 10:22 am
                            Govt brought seeds from ostwal agro farms , listed in SME in stock exchange , who were primarily in construction business in Mira bhayander area . what a help by government
                            Reply
                            1. A
                              ashok s
                              Nov 21, 2016 at 10:04 am
                              Govt has brought heavily from Rajasthan Gujarat base agro traders such seeds ,now they aim one stone two targets one get help the such agro traders and make their name in media that they are helping poor farmers.
                              Reply
                              1. A
                                ashok s
                                Nov 21, 2016 at 10:58 am
                                If govt is so clean why not put helpdesk to receive information on black money.
                                Reply
                                1. A
                                  ashok s
                                  Nov 21, 2016 at 12:14 pm
                                  MBA is not defiantly a business man senor bin soch
                                  Reply
                                  1. A
                                    ashok s
                                    Nov 21, 2016 at 10:26 am
                                    See this govt had exhausted all its funds and had no money to fund the party for forthcoming state election so they mastered this plan to demonetization so that opposition also has no fund to contest. A typically MBA lesson if you can't climb higher then your opposition then pull lower your opposition
                                    Reply
                                    1. A
                                      ashok s
                                      Nov 21, 2016 at 11:50 am
                                      That is only for civil servants complaints and not for black money info dear
                                      Reply
                                      1. D
                                        Dash
                                        Nov 21, 2016 at 1:12 pm
                                        Govt has been doing its best and people know this. Antinationals have united for corruption....The era of corrupt,selfish politicians is gone. These Bombta Banos,Pappus,Khujliwals have been exposed thoroughly. Indians wan to progress but these traitors don't want that. These traitors don't undertand the asoirations of young Indians. They will again bite the dust.
                                        Reply
                                        1. B
                                          Babau Ram Vishvakarma
                                          Nov 21, 2016 at 1:35 pm
                                          Modi ji should make planned scheme for eradicating curruption and black money with his cabinet minsters that may help allot giving real relief to the people of the Indian nation rather than changing rules everyday.Hawkish thoughts may harm the party as as government.
                                          Reply
                                          1. B
                                            Bahadur Shah
                                            Nov 21, 2016 at 10:39 am
                                            Converting big notes into paper is just another JUMLA of this JOKER PM like 15 Lakh to be credited into public account when foreign black money is captured. Just making fool to Indians.
                                            Reply
                                            1. Load More Comments