PM Modi’s demonetization effect has made everyone very restless. Yes, long queues outside ATMs and banks are a proof of how hard people are trying to deposit their hard earned money and getting old notes exchanged.
This move has indeed caused a lot of inconvenience but people are ready to accept it because they know that it is beneficial for the nation.
However, there is sad news for everyone! Shaktikanta Das, the Economic Affairs Secretary has made an announcement that from 18th of November, the exchange limit would be dropped. Earlier, the exchange limit was Rs 4,500 and now, it will be reduced to Rs 2000.
Good news for those having weddings at home!
There were many issues happening for those people who had weddings at their home. For them, the withdrawal limit was not at all sufficient. Now, Das said that upto Rs 2.5 lakh can be withdrawn from bank accounts that are KYC compliant, by one member, the father or the mother, in a family.
Talking about the ATMs he said that they have created a road map and very soon, things would be sorted out.
There were changes for farmers as well. Das said
“Government decided to permit farmers to draw upto Rs 25,000 per week against crop loans sanctioned and credited to their accounts. Government has decided that time limit in crop insurance premium cases will be extended by 15 days.”
This reduction in limit is surely going to cause great inconvenience, don’t you think so? What’s your take on this? Do share your views in our comments section below!
