Modi government has announced fresh guidelines on withdrawal norms.
Farmers and families organizing weddings have been given a big relief in the latest announcement.
Here are 8 main points:
1. Farmers are allowed to draw up to Rs 25,000 per week against crop loans sanctioned and credited to their accounts.
2. The limit for swapping notes at banks has been reduced from Rs.4,500 to Rs.2,000 for each person from November 18. Economic Affairs Secretary Shaktikanta Das believe this would give more people a chance to exchange old notes.
3. Traders who are registered with the Agricultural Produce Marketing Committees can withdraw up to Rs 50,000 per week for a smooth procurement process. All the accounts of farmers and traders must be Know Your Customer (KYC) compliant, Das said. This has been done due to the commencement of the Rabi season, so that farmers can get smooth supply of fertilizers and other items.
4. The time limit for the payment of insurance premium on crop loan has been extended by 15 days.
5. Those who have wedding ceremonies, government also announced that upto Rs 2.5 lakh can be withdrawn from the bank account which are KYC compliant. Das said a member of the family, be it father or mother, can make a one-time withdraw of up to Rs 2.5 lakh. The amount can be withdrawn on producing the PAN card details and also providing an undertaking that no other member will withdraw such an amount for the same purpose.
6. Rs. 25,000 a week can be drawn from payment that farmers receive for agricultural produce in form of cheques.
7. Central government employees, up to group C, can draw their salary in advance up to Rs 10,000 in cash. This will be adjusted against their November salaries, Das said.
8. A special task force has been set up to expedite the process of recalibration of ATMs and a road map has been formed to re-calibrate all ATMs.