People can only exchange Rs 2,000 in cash over the counter in banks, the government announced on Thursday, revealing a raft of measures aimed at helping farmers tide over a chaos triggered by a surprise recall of high-value currency.
Economic affairs secretary Shaktikanta Das made important announcements. Here are the top 5 announcements:
1. From Friday, people can only exchange Rs 2,000 in cash over the counter in banks. The earlier limit was Rs 4,500. This is a one-time exchange.
2. People who have weddings scheduled can withdraw Rs 2.5 lakh from one bank account in the family: father, mother, bride or groom. People will have to self-declare that money will withdrawn from only one account in the family.
3. Central government employees can withdraw Rs 10,000 in cash against their November salary.
4. Farmers can withdraw Rs 25,000 in cash per week, only from accounts in their names.
5. Traders in local farm markets can withdraw Rs 50,000 in cash from banks.