Wednesday, November 16, 2016

Relief for farmers, families celebrating weddings: Govt issues guidelines on withdrawal norms

For farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government has decided to increase the time limit for payment of crop insurance premium to 15 days. “Government has decided that time limit in crop insurance premium cases will be extended by 15 days,” Das said. The Finance Ministry will also allow registered traders at mandis to withdraw up to Rs 50,000 per week to meet labour costs. All the accounts of farmers and traders must be Know Your Customer (KYC) compliant, Das said.
Saying that the government and the Prime Minister’s Office have received several representations from the public to relax withdrawal norms for households celebrating wedding ceremonies, Das said a member of the family, be it father or mother, can make a one-time withdraw of up to Rs 2.5 lakh. “Up to Rs 2.5 lakh cash can be drawn from bank account for a marriage during ongoing wedding season,” Das said. However, the limit for over the counter exchange of old Rs 500, RS 1000 notes has been reduced from Rs 4,500 to Rs 2,000. “For over the counter exchange of old Rs 500/1000 notes, with effect from Nov 18, Rs 4,500 limit will be reduced to Rs 2000,” Das said.
And central government employees, up to group C, can draw their salary in advance up to Rs 10,000 in cash, Das said. This will be adjusted against their November salaries, he added. On the issue of recalibration of ATMs, Das said the special task force set up to expedite the process have held a meeting and a road map has been formed to re-calibrate all ATMs.

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