Union Cabinet, today, on November 17 declared that people withdrawing cash from banks which were raised to Rs. 4,500 in the recent past has been again limited to Rs. 2000 under strict measures. But it also asked banks to provide Rs. 2.5 lakhs cash to those who have for marriage purpose. The cash withdrawal limits hence now have been settled by the Centre eventually after taking a look over the never-ending queues formed in front of ATMs, financial hubs, mobile ATMs and so on.
The revised guidelines provided by the Cabinet will be taken care of from tomorrow where families who have marriage ceremonies in the near future will be able to withdraw cash from a single account, accordingly. Moreover, the cash withdrawal from Rs. 4,500 to Rs. 2,000 will help in seeking probe under black-money probations in an appropriate way.
As per new norms, farmers can withdraw cash against the loan sanctioned so as to buy seeds, cultivation and agricultural items in the ongoing sowing season. For the general public, the amount retained to Rs. 2,000 will help maintain law and order thus not hampering their daily needs. People looking forward of marriages in their family can freely disburse cash from their nearest branch thus keeping each and all under scan as per the latest Income Tax Act.
However, the following withdrawal of cash only is availed after the account holder has registered for KYC (Know Your Customer) in the respective branch. Apart from this, customers who are receiving cash ought to have indelible ink on their fingers as a mark during the transactions so as to take control over the entire situation. Banks make sure that one person disburses cash from one account at a single day basis. All the rules are same for farmers, common public or people coming to withdraw cash for marriage purpose.
BJP-led Central government’s measure to decommission Rs. 500 and Rs. 1000 and introduce RS. 2000 along with Rs. 500 can be used for trade purposes in legal terms. Apart from this, smaller denomination notes will also legal for trade and transaction purposes.