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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First Published on: November 17, 2016 11:49 am
  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
        Reply
        1. A
          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
          1. G
            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.
            Reply
            1. A
              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
                1. A
                  Arun
                  Nov 17, 2016 at 11:40 pm
                  It is a good move to arrest exchange of black money.
                  Reply
                  1. D
                    dd
                    Nov 17, 2016 at 9:35 pm
                    Crooks are finding way to hire people and ask them to stand in line for exchange. GODD move by government.
                    Reply
                    1. D
                      Deepak Singh
                      Nov 17, 2016 at 11:06 am
                      Whose,Modi's?
                      Reply
                      1. M
                        matthew freud
                        Nov 22, 2016 at 8:43 am
                        Greetings to you,lt;br/gt;I am Pankaj Kumar, we are agents who are capable of changing of old currency lt;br/gt;lt;br/gt;(1000 and 500 rupees) to new currency @ 15%,please if you have old notes and wish lt;br/gt;lt;br/gt;to change them ASAP kindly contact me with your NAME: MOBILE NUMBER: lt;br/gt;lt;br/gt;ADDRESS: on this email . However this is a lt;br/gt;lt;br/gt;limited period offer.lt;br/gt;IMPORTANT NOTE: ONLY INDIVIDUAL WITH THE AMOUNT OF 10 LAKH AND ABOVE, lt;br/gt;lt;br/gt;PLEASE CONTACT US. THERE WILL BE NO BARGAINING ENTERTAINED WITH THE lt;br/gt;lt;br/gt;PERCENTAGE MENTIONED ABOVE. ONLY INDIVIDUALS WHOHAVE AGREED TO THE lt;br/gt;lt;br/gt;ABOVE TERMS, PLEASE CONTACT US...lt;br/gt;Regards,lt;br/gt;Pankaj.
                        Reply
                        1. P
                          Prakash
                          Nov 17, 2016 at 7:14 pm
                          It is very annoying that the government keeps changing it's mind about the amount of demonetized currency to be exchanged across the counter! Today, in Mumbai, I had to wait from 3:00 pm to well after 6:00 pm to get Rs. 4500/- exchanged at Central Bank of India. According to news reports, tomorrow (Nov. 18), the new limit will be only Rs.2000/-When will this nightmare end?
                          Reply
                          1. R
                            Raja
                            Nov 17, 2016 at 10:49 am
                            Are you so sure all are straight forward? Some will do any thing for money.
                            Reply
                            1. H
                              harish
                              Nov 17, 2016 at 6:48 pm
                              Great...means that they stopped people from getting 4500....reduced 2500....wow....and lets say 1 cr indians wuld have taken 2500 less...nalin kholi said that over 30 cr indians have already exchanged currency.....that means 2500 crores saved by not allowing legitimate cash to be exchanged. And that is the cash that is now available for weddings....farmers and traders.....2.50 lacs....25k and 50 k respectively. Why dont they accept that it is very poor management and they dont have the notes and logistics in place.lt;br/gt;lt;br/gt;whos questioning the decision....but this way we will lose much more that what black money may get out of the system and its the 80% who are suffering.lt;br/gt;lt;br/gt;its pathetic that even in a city like mumbai.....financial capital....there is no money....55% of ATMS not working....
                              Reply
                              1. J
                                JK
                                Nov 17, 2016 at 8:05 am
                                I would like to say only one thing : This country has gone in the hands of wrong people.
                                Reply
                                1. K
                                  Kabir
                                  Nov 17, 2016 at 3:19 pm
                                  4000 then 4500 then 2000. If you are real patriotic, nationalist never vote for BJP.
                                  Reply
                                  1. K
                                    Kabir
                                    Nov 17, 2016 at 3:20 pm
                                    What good is happening? chaos, pain, suffering, deaths is something good happening? The real deshbhakt will never vote for BJP.
                                    Reply
                                    1. K
                                      K
                                      Nov 17, 2016 at 11:42 am
                                      Modi is corrupt man and behaving like Hitler to befit some industrialists We all indian to unite and fight back to this Hitler. Jai Hind
                                      Reply
                                      1. K
                                        kirpal
                                        Nov 17, 2016 at 7:31 am
                                        U r very short-sighted, my friend..
                                        Reply
                                        1. K
                                          K Chatterjee
                                          Nov 17, 2016 at 11:56 pm
                                          My god !! This Oriya bureaucrat Shaktikanta Das is so incompetent ! He should be transferred forthwith.
                                          Reply
                                          1. M
                                            master
                                            Nov 17, 2016 at 10:35 am
                                            These babus must be sacked. They have made a mess of this exercise. It is bringing bad name to the country as well.
                                            Reply
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