In a recent report from ANI, the cabinet has declared that account holders of current/cash/credit/overdraft accounts, which is active from the past 3 months can withdraw as much as Rs. 50,000 cash per week.
The enhanced limitation will help the customer have time for withdrawal thus not lining up in queue leaving their daily chores at hold. However, the following benefit is not applicable for personal overdraft account holders. The Reserve Bank of India has notified all private, semi-govt. and government-run banks to make payments in high-denomination notes in 2000 rupee notes which ought to be disbursed and withdrawn predominantly.
Holders of current/overdraft/cash credit acc, which are operational for last 3 months or more,may now withdraw upto ₹50000 in cash,in a week
— ANI (@ANI_news) November 21, 2016
Apart from this, the centre has approved of another beneficiary settlement for the farmers. Now farmers can purchase seeds with old notes of Rs. 500 from centre and outlets belonging to Central or State government. The centre or outlets include National or State Seed Corporation, Agricultural Universities, PSUs, ICAR along with their proof of identities. The production of photo i.d. card will help to seek seeds for cultivation in the current sowing season.
As per the current situation, Public has already withdrawn near about 1.5 billion high-denomination rupee notes from their respective bank accounts during the time span of November 10 to 18, 2016. The announcement to discard Rs. 500 and Rs. 1000 rupee note on November 8, late evening led to tremendous chaos along with the settlement of having better future and a big push to ‘Digital India‘ procurements.
As the issue of demonetization continues to dwindle the ongoing Winter Session of the Parliament, the Government continues to provide appropriate ways to ease the tension amongst public by offering new ways to withdraw the amount from the various sources.