In a bid to ease cash crunch, the government allowed dispensing cash of up to Rs 2,000 through debit card swipe at select petrol pumps. It also enabled farmers to withdraw up to Rs 25,000 per week from their Know your customer (KYC)-compliant accounts.
Here are the key developments:
1. Get Rs 2,000 at petrol pumps: The facility will be available at 2,500 petrol pumps. "It has been decided that an amount up to Rs 2000 per day per person in cash can be dispensed against swiping of the debit card at select petrol pumps where POS machines of SBI are already available," an official said. POS machines are the machines that are generally used for debit or credit card transactions.
2. Families with weddings can withdraw Rs 2.5 lakh: Families with weddings can withdraw Rs 2.5 lakh. They will have to sign a self-declaration document saying the money was drawn against only one account – that of the father, mother, groom or the bride.
3. Farmers can withdraw up to Rs 25,000 per week from their KYC-compliant accounts; besides, Kisan Credit Cards will be subject to the same new limit. Stating that the government would ensure that the farmers didn't suffer, the finance minister said the Centre had allowed the agricultural produce market committee (APMC)-registered traders to withdraw Rs 50,000 per week.
5. Limit for exchange of notes set at Rs 2,000:For over-the-counter exchange of old Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 has been reduced to Rs 2,000 from November 18.
6.22,000 ATMs are getting recalibrated daily: Finance Minister Arun Jaitley said the move to demonetise the high-value notes was "very well planned", and added that the rush at bank branches was "significantly" coming down, and that 22,000 ATMs were getting recalibrated daily to dispense Rs 100, and new 500 and 2,000 rupee notes.
8. Awareness programme: Oil companies will launch an awareness campaign for consumers to help them shift to cashless transactions -- credit/debit cards, mobile wallets and loyalty programmes for the purchase of fuel, and reduce their dependence on cash.