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Withdraw 2.5 Lacs for marriage, Exchange limit reduced to only Rs 2,000 and much more…

Updated on: 09 Aug, 2023 11:15 AM

The Modi Government has again revised the limit for exchanging of old Rs. 500 and Rs. 1000 notes from the Banks. Initially, a limit of Rs. 4000 was introduced which was subsequently increased to Rs. 4500. The same has now been decreased to Rs. 2000 only (for Kisan Credit Cards also). This limit of Rs. 2000 shall be applied from tomorrow itself i.e. 18.11.2016. Some other changes have also been recorded, the highlights being:

  • The time limit in case of crop insurance premium has been extended to 15 days.
  • Withdrawals up to Rs. 25000 per week can be made by farmers from bank a/c's by cheque or RTGS.
  • For KYC compliant a/c's, a sum of Rs. 2.5 lakh can be withdrawn by one member of the family for the wedding ceremonies.
  • Group "C" employees of Central Government can draw an advance salary up to Rs. 10,000 in cash which is later to be adjusted against salaries of November.
  • Withdrawals up to Rs. 50000 per week can be made by Mandi traders.

With daily amendments in the scheme, let's see what happens next!

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.