As the country remains in a turmoil due to the demonetisation of the 500 and 1,000 rupees currency notes, the government today decided that the central government employees up to Group ‘C’ now can draw salary advance up to Rs 10,000 in cash that’ll be adjusted against their November salaries.
The government has discontinued interest free advances, including salary advance on October 7 in pursuance of recommendations of the 7th Pay Commission.
Since then a lot of representations have come to Prime Minister and Finance Minister from central government employees unions that the lower paid employees have to stand in queue in the banks to withdraw their salary in parts which ultimately amounts to spending the time they would use in their offices to serve the public.
So, the government complied with this decision.
Among other measures, the government has allowed up to Rs 2.5 lakh cash withdrawal from bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.
However, government lowered the exchange limit for now-defunct 500 and 1,000 rupee notes to Rs 2,000 from the existing cap of Rs 4,500, effective tomorrow.
“To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow,” Economic Affairs Secretary Shaktikanta Das told reporters.
Key decisions are given below:-
1) Government has decided that time limit in crop insurance premium cases will be extended by 15 days.
2)Government decides that farmers can withdraw Rs 25000 per week from a/c where farmers receive either by cheque or which is credited by RTGS.
3)For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which is KYC compliant.
4) 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 from tomorrow.
5)One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding.
6)Task Force held a meeting and a road map has been formed to re-calibrate all ATMs; sure that it will be done soon.
7)Central government employees up to Group ‘C’ can draw salary advance up to Rs 10,000 in cash that’ll be adjusted against their November salaries.
8)Kisan Credit Cards will be subject to same new limit.
9)There is enough cash available with Govt, no cash crunch.
10)Currency printing presses operating at over 100 per cent capacity.
11) Mandi traders can withdraw upto Rs 50,000 per week.
The government has discontinued interest free advances, including salary advance on October 7 in pursuance of recommendations of the 7th Pay Commission.
Since then a lot of representations have come to Prime Minister and Finance Minister from central government employees unions that the lower paid employees have to stand in queue in the banks to withdraw their salary in parts which ultimately amounts to spending the time they would use in their offices to serve the public.
So, the government complied with this decision.
Among other measures, the government has allowed up to Rs 2.5 lakh cash withdrawal from bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.
However, government lowered the exchange limit for now-defunct 500 and 1,000 rupee notes to Rs 2,000 from the existing cap of Rs 4,500, effective tomorrow.
“To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow,” Economic Affairs Secretary Shaktikanta Das told reporters.
Key decisions are given below:-
1) Government has decided that time limit in crop insurance premium cases will be extended by 15 days.
2)Government decides that farmers can withdraw Rs 25000 per week from a/c where farmers receive either by cheque or which is credited by RTGS.
3)For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which is KYC compliant.
4) 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 from tomorrow.
5)One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding.
6)Task Force held a meeting and a road map has been formed to re-calibrate all ATMs; sure that it will be done soon.
7)Central government employees up to Group ‘C’ can draw salary advance up to Rs 10,000 in cash that’ll be adjusted against their November salaries.
8)Kisan Credit Cards will be subject to same new limit.
9)There is enough cash available with Govt, no cash crunch.
10)Currency printing presses operating at over 100 per cent capacity.
11) Mandi traders can withdraw upto Rs 50,000 per week.
Source : The Sen Times
