Measures Announced By Government To Facilitate Various Sections Of Society

By - IndianMoney.com Research Team    |    Updated On 17 November 2016 |    Financial Planning

Good News for farmers

Farmers can withdraw up to INR 25,000 a week, against crop loans sanctioned and credited to their accounts. Farmers using Kisan credit cards, are subject to the same new limit. The time limit for the payment of crop loan insurance premium, has been extended by 15 days.

Good News for the wedding season

Households can withdraw up to INR 2.5 Lakhs for weddings, only from bank accounts which are KYC Complaint. One member be it father or mother, can withdraw the above amount, for the wedding.

Exchange Limit set at INR 2000

Exchange of old 500 and 1,000 rupee notes, reduced to INR 2,000 from Friday. The limit for the over the counter exchange rate of old 500 and 1,000 rupee notes, has been reduced to INR 2,000, from the current limit of INR 4,500. This will take effect from November 18^th 2016.

Cash advances for Government Employees

Government employees to get cash salary advances of INR 10,000. Central Government employees up to Group C, can draw a salary advance up to INR 10,000 in cash.

Good News for registered traders

Registered traders can draw up to INR 50,000 a week. Traders registered with APMC markets, will be permitted to draw up to Rs 50,000 per week.

Submit PAN if combined cash deposits exceed INR 2.5 Lakhs till December 30^th 2016

The Government has issued a circular. Deposits made between 9^th November 2016 and 30^th December 2016 will require PAN, if the combined sum you deposit, exceeds INR 2.5 Lakhs.