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.