Good News From Narendra Modi
Secretary of Economic Affairs, Shaktikanta Das, addressed the media over demonetization issue, today in Delhi.
Hey laid out new ‘operational guidelines’ under this move that have been decided upon by the Government. The guidelines are listed below:
Acknowledging the importance of farmers in our economy, he declared the first guideline which shall enable farmers to receive agricultural inputs uninterrupted by cash crunch:
The ensure that farmers can sow properly and get smooth supply of agricultural inputs, they can withdraw up to ₹25,000 per week.
The amount can also be withdrawn from the payments which the farmers receive from mandis (by selling their produce) either in the form of a cheque which is deposited directly into their accounts or which is credited by RTGS account.
Since traders require abundant cash in order to make payments of wages to daily workers (and such):
They traders who are registered with Agricultural Produce Market Committee (APMC) will be permitted to draw ₹50,000 per week. Business entities are also allowed that.
So that the farmers are able to pay the crop insurance premium and avail its benefit:
The time limit in crop insurance premium cases will be extended by 15 days.
A Government has received a lot of representations with regard to weddings, according to Das, and hence:
For weddings, one person from a family can withdraw rupees 2,50,000.
5. The outside the banks are unending or ‘serpentine’ and as a result of it, many people are not getting the opportunity to exchange their money. To ensure equality of opportunity in this regard:
Limit of over the counter exchange of old 500 and 1000 notes shall be reduced from ₹4500 to ₹2000 from 18th November onward.
The being asked whether this reduction suggests that the Government doesn’t have enough cash, Das asserted that there is ample cash and skirted the question all the same by giving an unsatisfactory answer. Also, a person can exchange old notes with ₹2000 worth of new notes only once (until the indelible ink fades away).
- A order to relieve pressure off the banks:
The central Government employees up to group C can withdraw advance salary of ₹10000 which shall be adjusted in their November salaries.
Das has ensured that ATMs shall be refilled with promptness. Also, he has made it very clear that all the accounts in question should be KYC (proper identification) compliant.
All, these new guidelines are certainly farmer-friendly and will hopefully relieve the people who have weddings impending in their households. good to know that the Government is listening. Only, The wish the exchange limit could be increased. We hope the best comes out of demonetization and the hardships of the common people are soon removed.