Money withdrawal limit increased for families celebrating weddings, farmers

Bhubaneswar: People are facing several difficulties after the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes. To ease their pain, the union government has made some changes in their curriculum to benefit the farmers and traders alike. 

Considering the wedding season into account, the govt has taken steps to provide comfort to the celebrating families as well.

The following changes have been made to the current money scarcity scenario:

  1. Families celebrating weddings can draw up to Rs. 2,50,000  in cash from their own bank accounts. However, it is limited to only one member of a family.
  2. Farmers would be permitted to draw up to Rs. 25000 per week in cash from their accounts. It is also applicable to Kisan Credit Cards (KCC).
  3. Farmers who receive APMC markets/mandis sale payments in their bank accounts through cheque/RTGS will be permitted to draw up to Rs. 25000 per week in cash.
  4. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000 per week.
  5. The last date for payment of crop insurance premium has been increased by 15 days.
  6. The limit of exchange of old Rs. 500 and Rs. 1000 notes is again reduced to Rs. 2000 per person.

Remember, all the accounts used to withdraw money must be KYC (Know Your Customer) compliant.

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