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Showing posts with label exchange. Show all posts
Showing posts with label exchange. Show all posts
Friday, February 3, 2017
Old notes exchange limit reduced to Rs 2 000
Old notes exchange limit reduced to Rs 2 000
Families can withdraw up to Rs. 2, 50,000 for weddings and the existing limit of Rs. 4,500 for exchange of old Rs. 500 and Rs. 1,000 notes will be reduced to Rs. 2,000 from Friday, Economic Affairs Secretary Shaktikanta Das said on Thursday.
Mr. Das, in an address to the media, made the following announcements:
To ensure sowing in Rabi season, the government has allowed farmers to withdraw Rs 25,000 a week against crop loan/kissan credit card.
Existing limit of Rs. 4,500 for exchange of old Rs. 500 and Rs. 1,000 notes will be reduced to Rs. 2,000 from tomorrow.
Up to Rs 2.5 lakh cash can be drawn from bank accounts for weddings.
Traders in agricultural mandis permitted to draw Rs. 50,000 in cash per week to pay for sundry expenses like wages.
Time limit for payment of crop loan insurance premium to be extended by 15 days.
Govt employees up to Group C will have an option to draw salary advance in cash.
Among other measures, it 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.
“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.
The over-the-counter exchange of Rs. 500/1,000 in return of new currency will be available “once per person till December 30“.
“This will enable larger number of people to exchange notes. There is no cash shortage and enough cash is available,” he said.
The decision comes a day after the government directed banks to put indelible ink mark on the right index finger of persons to screen them from using the exchange facility more than once.
Prime Minister Narendra Modi had on November 8 demonetised Rs 500 and Rs 1,000 notes in his bigger war against black money, terror financing and counterfeit notes.
Since then a lot of representations have come to Prime Minister and Finance Minister to ease withdrawal norms for wedding purposes.
“This has been considered by the government and decided that for wedding ceremonies, up to Rs 2.5 lakh will be allowed to be withdrawn from account if father or mother or the bride and groom,” Mr. Das said.
He said the account has to be KYC compliant and self declaration has to be given to the bank.
The Rs 2.5 lakh can be withdrawn from only one account.
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Sunday, January 22, 2017
New Rs 50 Rs 100 Rs 1 000 Notes Design Security Features How To Exchange Old Currency
New Rs 50 Rs 100 Rs 1 000 Notes Design Security Features How To Exchange Old Currency
New Rs.50, Rs.100, Rs.1,000 Notes Design
The lower denomination currency notes of Rs 100 and Rs 50 will hang in as a valid currency in the circulating medium. Economic Affairs Secretary Shaktikanta Das stated that edification and improvement in the appearance of currency notes of Rs.1,000, Rs.100, Rs.50 denominations will be executed. The new notes of Rs.2,000 are being issued because of unpredictable inflation rates. Banks and post offices have already started issuing the new series of Rs.500 and Rs.2,000 notes. The Reserve Bank of India will also bring new possible changes in Rs.50, Rs.100, Rs.1,000 Notes.
New Rs.50, Rs.100, Rs.1,000 Notes Release Date
The government on Tuesday had withdrawn the use of old Rs 500 and Rs 1,000 notes to whitewash black money and terror financing. The colour new Rs. 500 note is stone grey and approximately will be in size of 66mm x 150mm. Newly shipped Rs 2,000 notes will be of magenta colour with Mangalayan designated on the reverse side. The new banknotes of Rs 500 and Rs. 2000 are distinctive in the premises of series in colour, size, theme, a ground of security features and design element. The Reserve Bank of India is going to bring forward Rs. 2000 denomination banknotes in relevance to Mahatma Gandhi (New) Series. It will delineate the Image of Red Fort with Indian flag on the reverse side.
New Rs.50, Rs.100, Rs.1,000 Notes Features
New Rs.50, Rs.100, Rs.1,000 Notes with the new specification, Design and Security Features can act as the prime regulator of black money. The signature in all the new notes Rs.50, Rs.100 and Rs.1,000 will be of Dr Urjit R. Patel, Governor of RBI. A semblance of Swachh Bharat Logo with the printing as 2016 will be lithographed on the Banknote. In order to protect a country from the excessive supply of money government of India has come in active mode. Proposal to allow all foreign institutional investors in commodity trading has been left for the official decision. SEBI has been imparted with the duty to look into this proposal to define its scrutiny.
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