Notes Exchange Limit Reduced to Rs. 2,000 from Friday (Download PDF)

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The government today revised certain guidelines for the withdrawal of cash, limiting counter exchange of old ā‚¹ 500, ā‚¹ 1,000 notes from ā‚¹ 4,500 to ā‚¹ 2000 starting from tomorrow.

Government also allowed farmers to draw money from banks against loans sanctioned to them to buy seeds and fertilizers in the ongoing sowing season.

Economic Affairs Secretary Shaktikanta Das

Key Decisions

  • Limit in crop insurance premium cases extended by 15 days.
  • Farmers can withdraw ā‚¹ 25000 per week from a/c with receipts by cheque or RTGS.
  • ā‚¹ 2.5 lakh can be withdraw from the KYC bank account for weddings.
  • Counter exchange of old ā‚¹ 500 ā„ 1000 note limit reduced to ā‚¹ 2000 from tomorrow.
  • Road map to re-calibrate all ATMs.
  • Central government employees up to Group ā€˜Cā€™ can draw salary advance up to ā‚¹ 10,000 in cash that will adjusted against their November salaries.
  • Kishan Credit Cards will be subject to same new limit.
  • Currency printing presses operating at over 100 percent capacity.
  • Mandi traders can withdraw up to ā‚¹ 50,000 per week.

Know Your Customer (KYC)

  • It is the process of a business, identifying and verifying the identity of its clients. The term also used to refer to the bank regulation that governs these activities.

- Published/Last Modified on: November 17, 2016

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