9 new measures to help citizens fight against the cash crunch

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Aince the immediate impact of demonetization, the country has seen many long questions outside of banks, cash-strapped ATMs, farmers unable to buy seeds, and people struggling with seeds. small daily transactions. More than two weeks after the November 8 announcement, many citizens are still struggling with the never-ending cash shortage. But the government has announced new measures to make it easier for them.

Here is an overview:

1. Increased withdrawal limit for households organizing weddings:

Photo for representation only. Source: Flickr

The demonetization coinciding with the wedding season has slowed down celebrations in many families. Bearing this in mind, the Reserve Bank of India has announced that those in need of money for marriage-related purposes can withdraw up to Rs. 250,000 from deposit accounts. The facility is applicable for weddings taking place on or before December 30, 2016. Only people who have accounts meeting Know Your Customer (KYC) standards will be able to withdraw this amount and the withdrawal request will need the bride’s names and married, their proof of identity, their addresses and the date of marriage. This move will help people pay vendors like florists and mehandi artists, who only accept cash advance

2. ATM withdrawal fees have wavered:

The government suspended withdrawal fees at all ATMs for people with savings accounts until December 30, regardless of which bank they operate with.

3. 60 additional days have been added for the repayment of loans payable between November 1 and December 31:

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Photo for representation only. Source: Flickr

The RBI has extended the loan repayment period by 60 days for home, auto, agricultural and other loans valued up to Rs. 1 crore. Borrowers with outstanding working capital accounts can avail of this facility. It is also available for loans to non-bank financial corporations, microfinance institutions, housing finance companies, and primary agricultural credit companies.

4. Increased withdrawal limit for farmers and traders:

With the start of the Rabi season, Economic Secretary Shaktikanta Das announced that farmers can withdraw up to 25,000 rupees per week from the payment they receive for agricultural products and their loan, including the limit of Kisan credit and deposit accounts. Traders registered with mandis will also be allowed to withdraw up to Rs. 50,000 per week.

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5. Farmers can buy seeds with old Rs. 500 banknotes:

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Photo for representation only. Source: Flickr

The government announced on Monday that farmers can buy seeds with old Rs 500 tickets at state-owned outlets. They will need to produce proof of identity for the same.

6. NABARD will pay 21,000 crore rupees to farmers:

The Secretary of Economic Affairs announced that the National Bank for Agriculture and Rural Development (NABARD) had sanctioned an additional amount of Rs. 21,000 crore to cooperative banks in the central district to be disbursed in the form of loans to farmers in need. money to sow winter crops. He added that more money will be added according to the needs of the farmers.

7. Rs. 50,000 Withdrawal Limit Extended:

Whereas previously the weekly cash withdrawal limit of Rs 50,000 was only applicable to current accounts operational in the last three months and more, it has now been extended to people with current, overdraft and payables accounts. . Those with personal overdraft accounts cannot avail the facility.

8. Micro ATMs for weavers and artisans:

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To help weavers and artisans, the government has decided that banks will deploy micro vending machines in craft and loom clusters. This will allow them to withdraw cash to purchase commodities using the Aadhaar compatible payment system. Local bank agents will mobilize these automatic teller machines while those in charge of the extension centers of the weaving services and of the marketing services will disseminate the information among the weavers and artisans by SMS.

9. Rs. 10,000 cash advances for government employees Group-C:

Government employees belonging to Group C have started to receive Rs. 10,000 in cash as an advance for their November wages. About 1,000 Interior Ministry employees have already received the advance.

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