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Demonetisation: Exchange of old Rs 500, Rs 1000 notes limited to Rs 2,000


The government applied fresh curbs on over the counter exchange of old Rs 500, Rs 1000 notes on Thursday, by reducing the limit from Rs 4,500 to Rs 2,000. It has already introduced the system of marking customers using indelible ink at select metro cities. The move was made to deter unscrupulous elements from sending people in groups to convert black money to white. The standard operating procedure, circulated among banks, state that a customer must be marked only on the right hand, so as to avoid confusion with those voting in the current by-elections. Also, to avoid people from using ink removers, banks will ensure that customers will be given cash only after being marked.

Addressing a press conference today, Economic Affairs Secretary Shaktikanta Das announced that families celebrating weddings can withdraw cash up to Rs 2.5 lakh per wedding. Farmers can also withdraw Rs 25,000 per week from the payment they receive from agri produce, he said. Registered traders at mandis can withdraw Rs 50,000 per week to meet labour costs. And central government employees, up to Type C, can withdraw their salary in advance up to Rs 10,000, Das said.

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