After the currency got banned, almost every day we have new updates on the rules and limits of withdrawals, exchange and deposit of cash. The latest updates on the currency notes ban issue are as follows:
The families which have a wedding lined up in their homes will now be able to withdraw greater amount of cash. Both the bride and the groom side of families can take out cash up to Rs.2.5 lakh each. This money can be withdrawn from either the account of the bride and the groom or from their parents’ account. But they’ll have to present a declaration of their wedding. This facility has been offered as it is the wedding season and people are facing too much trouble due to the currency ban. This facility will only be available to those who have their accounts KYC verified.
The limit for exchanging money has been reduced to Rs.2,000 a day from Rs.4,500. You can deposit the rest of the money in your accounts.
The government has introduced the facility of providing money at 2,500 petrol pumps in the country. This facility is only available at places where SBI has installed its POS (Point of Sale) machines. You would be able to take up to Rs.2,000 at one go from these.
All National Highways would not ask for Toll till November 24 as people are still lacking lower currency notes.
All employees till Group C employees working at the Center, Defense, Railway or other Government companies can withdraw cash salary in advance worth up to Rs.10,000. This step has been taken because the Center has about 33 lakh employees of Group C, who were facing great trouble.