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Currency Demonetization Update: Old 500, 1000 notes exchange limit reduced to Rs. 2000

exchange limit reduced to Rs. 2000

Government of India took a stock of the situation on Rs. 500 & 1000 note ban and decided to increase cash withdrawal limits for farmers, farm traders & families with wedding. The new limits for farmers is going to be Rs. 25,000 per week and agri-traders is Rs. 50,000. The move is to support the upcoming Rabi sowing season. At the same time demonetization was strongly criticized by the families having weddings. Considering this the limit for cash withdrawal for wedding is raised to Rs. 2,50,000 details here.

Government also looked at the availability of the cash & new currency and decided to reduce the old cash exchange limit to Rs. 2000 starting Friday 18th Nov 2016. This decision is to make sure that the government has enough cash to support the increased cash limit for farmers, agri-traders and families with weddings.

Old cash exchange limit: Rs. 4,500
New cash exchange limit: Rs. 2,000

Government may revise their decision on the cash exchange limit in upcoming days after reviewing the cash availability. Government also mentioned that most of the ATM`s will be re-calibrated to support new Rs. 2,000 notes. This will help reduce long queues at the banks.

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