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Government of India re-looked at the situation after currency demonetization today and announced new money withdrawal limits for farmers, agri-traders, families celebrating weddings and central government employees. The Rs. 500 & Rs. 1000 note ban was much appreciated and gained huge public support on its announcement on 8th Nov 2016 by Hon. Prime Minister of India. The ban was imposed to curb black money, fake currency and use of Indian currency to support terrorism & illegal activities. The regulation seem to have served the purposed so far and huge sums of money is deposited by the people of India to the banks. The announcement resulted in huge chaos and caused a lot of discomfort to the people. People gathered in huge numbers at the banks and ATMs in long queues. The bank employees are working extra-time and weekend to support the move by the government of India.
The demonetization has also impacted Indian economy since most of it depended on the cash in farming, agri-trade & weddings businesses sector. Major opposition parties criticized the government for the same reason. Considering this government has increased the withdrawal limits as mentioned below:
Farmers can now withdraw Rs. 25,000 per week in cash for Rabi sowing season. Government wants to ensure that farmers get smooth supply of seeds & fertilizer for the upcoming sowing season.
Similarly agri-traders registered with local mandis can withdraw upto Rs. 50,000 per week in cash for their designated bank accounts.
Families which are having an upcoming wedding, one member of the family is now allowed to withdraw upto Rs. 2,50,000 one-time. He needs to submit an undertaking that no other member of his family will avail the concession for the purpose. He needs to provide his PAN too.
