Currency Exchange Limit Reduced: The guidelines laid down for the exchange of old notes has been revised once again by the government. The initial limit was Rs 4000 per day and Rs 20000 per week which it had said would be slowly increased.
Currency Exchange Limit reduced to Rs 2000 per day
Last week the government had increased the exchange limit by Rs 500 making the total threshold limit Rs 4500 per day. And now yet again, another revision has been made, this time lowering the limit, cutting it down more than half.
The chaos is ever increasing in the economy, with masses all red with rage, the government is now in a fix as it thinks of ways to better the situation.
Recently it had introduced the use of indelible ink in banks to restrain the exchange of old currency by the same individual twice. When the Economic Affairs Secretary, Shaktikanta Das was asked whether the banks were running out of new currency, he said that they have ample new notes and no such problem was being faced by the government.
Farmers will be allowed to withdraw up to Rs 25000 against their crop loans. However, the majority of farmers do not have any bank accounts as they depend on the moneylenders for their financial needs.
It has also been said that the ones who need to withdraw money for wedding purposes can withdraw a sum of Rs 2.5 lakhs from a bank account. The market traders (Mandi traders) will be allowed to withdraw up to Rs 50000 per week.
The central government employees( group C) will be allowed to withdraw Rs 10000, the amount will be adjusted against their salary for the month of November.