Demonetisation: Withdraw Rs 2.5 lakh for weddings; exchange limit set at Rs 2,000

Current Rs 4,500-limit for over-the-counter exchange of old Rs 500 and Rs 1,000 notes would be reduced to Rs 2,000 from Nov 18

The government on Thursday allowed households to withdraw up to Rs 2.5 lakh for weddings from bank accounts which are KYC compliant, Economic Affairs Secretary Shaktikanta said while addressing gathered members of the press and releasing the rules pertaining to the demonetisation drive. 

Das added that one member of the family, be it the father or the mother, can withdraw up to the above amount for a wedding. 

Here are the new rules and regulations:

1) The limit for over-the-counter exchange of old Rs 500 and Rs 1,000 notes would be reduced to Rs 2,000, from the current limit of Rs 4,500, with effect from November 18. 
 

2) Further, in a relief to the country's farmers, Das said that farmers are now permitted to draw Rs 25,000 per week against crop loans sanctioned and credited to their accounts. Das added that it has been decided that the time limit in crop insurance premium cases will be extended by 15 days. The same limit would also apply with regard to their Kisan credit cards. 

3) Traders registered with APMC (agricultural produce market committee) market can withdraw Rs 50,000 per week from accounts which are KYC compliant.

4) Central government employees, up to 'Group C', can withdraw salary advance up to Rs 10,000 in cash. The amount would be adjusted against their November salaries. 

5) A road-map has been formed for the recalibration of all ATMs after the task force looking into the matter held its meeting. The issue should be resolved soon, said Das.