Friday, November 18, 2016

Govt. allows 2.5 lakh withdrawal for wedding and 25,000 withdrawal for farmers

After demonetization of old notes, the Govt. had imposed various restrictions on withdrawals from ATMs and banks. This restriction on withdrawal badly hit the farmers, vegetable traders and people who needed money for marriage in their family. Considering the genuine difficulties faced by such people, the Govt. has lent following relief:

a) Withdrawal for wedding: Now families can focus on wedding celebration instead of worrying about cash crisis as the Govt. has provided that such families can withdraw up to Rs. 2.5 lakhs from bank account. The amount can be drawn only by either of the parents or the person getting married. The limit of withdrawal will apply to the girl’s and the boy’s family separately. A self-declaration will be required for this purpose.

b) Rs. 50,000 withdrawals for Vegetable traders: Traders in wholesale markets/mandis can withdraw up to Rs. 50,000 per week to meet expenses like wages.

c) Rs. 25,000 withdrawal for farmers: Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through cheque/ RTGS will be permitted to draw up to Rs. 25,000/- per week in cash. Such relief is given to farmers to meet with various expenses connected with agriculture operation.

d) Withdrawal of Rs. 10,000 by Govt. employees: Government employees will have the option to draw their salary in advance from their bank account. The amount will be adjusted in their salary of November 2016.

e) Reduced limit for exchanging demonetized notes: The withdrawal limit for exchanging demonetized notes has been reduced from Rs 4,500 to Rs 2,000 from November 18, 2016.

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