Demonetisation: Exchange of old Rs 500, Rs 1000 notes limited to Rs 2,000

Economic Affairs Secretary Shaktikanta Das also announced that families celebrating weddings can withdraw cash up to Rs 2.5 lakh per wedding.

By: Express Web Desk | New Delhi | Updated: November 17, 2016 6:03 pm
demonetisation, winter session, parliamnet, piyush goyal, narendra modi, black money, currency ban, rs 500 ban, rs 1000 ban, congress, bjp, indian exrpress news, india news Economic Affairs Secretary Shaktikanta Das also announced that families celebrating weddings can withdraw cash up to Rs 2.5 lakh per wedding.

The government applied fresh curbs on over the counter exchange of old Rs 500, Rs 1000 notes on Thursday, by reducing the limit from Rs 4,500 to Rs 2,000. “For over the counter exchange of old Rs 500/1000 notes, with effect from Nov 18, Rs 4,500 limit will be reduced to Rs 2000,” DEA Secretary Shaktikanta Das said.

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Addressing a press conference today, Das announced that families celebrating weddings can withdraw cash up to Rs 2.5 lakh per wedding. Farmers can also withdraw Rs 25,000 per week from the payment they receive from agri produce, he said. Registered traders at mandis can withdraw Rs 50,000 per week to meet labour costs, he added. And central government employees, up to Type C, can withdraw their salary in advance up to Rs 10,000, Das said.

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Earlier, the government has introduced the use of indelible ink at select metro cities to deter “unscrupulous element” from sending “honest” people in groups to convert black money to white. The standard operating procedure, circulated among banks, state that a customer must be marked only on the right hand, so as to avoid confusion with those voting in the current by-elections. Also, to avoid people from using ink removers, banks will ensure that customers will be given cash only after being marked.

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  1. P
    Pat
    Nov 17, 2016 at 3:25 pm
    With inflation can a common man buy food. Am bania introduced jio SIM card to divert attention , he knew it before hand. The pm of Gujarat informed the gujus before hand because they are the biggest cash dealers n blood suckers don't support reliance at all.
    Reply
    1. S
      Sanju
      Nov 17, 2016 at 6:47 am
      Demonetisation could be like a political hara kiri by the BJP.
      Reply
      1. C
        chetan
        Nov 17, 2016 at 1:27 pm
        all party are opposing this itself show that something is good happeing
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          Anil Kalaga
          Nov 17, 2016 at 10:07 am
          Does Modi really really trust his fellow-citizens? lt;br/gt;lt;br/gt;First, he said this was all about eradicating terror-funding. lt;br/gt;Then, he said this was to remove black money. lt;br/gt;Now, he is doing everything to ensure that the common citizen does not exchange and faces all hurdles in the process. lt;br/gt;lt;br/gt;Prime Minister wanted us to trust him for 50 days to deliver Acche Din. But it seems he doesn't want to trust his fellow-citizens. lt;br/gt;lt;br/gt;Isn't this sad and disappointing?
          Reply
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            Gautam
            Nov 17, 2016 at 11:25 am
            Government is up against some of the most powerful and shrew beneficiary's of prevailing corruption and tax evasion practices in India , thus exercise of this scale require to continuous recalibration of government responses to these black money holders and their political patron's scheme and propaa.....it will be unwise on government's part not to make these required frequent changes to unsettle any plans of the black money holders... off course mes has to sacrificed ...no rational person has ever though that black money ...can be removed with out pain...anyone thinking that we is leaving in false reality.
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              ashok s
              Nov 17, 2016 at 8:01 am
              Every time you can't change format . it will result in as fast cash in hand winded up and more sooner the fat cash will be in hands again. This won't solve the problems but will look like back stabbing on poor netizens. Govt is kidding
              Reply
              1. A
                ashok s
                Nov 17, 2016 at 8:02 am
                Its look like in childhood bj p forget to wear diapers and started wearing condoms
                Reply
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                  Arun
                  Nov 17, 2016 at 11:40 pm
                  It is a good move to arrest exchange of black money.
                  Reply
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