Thursday, November 17th, 2016

Arun Jaitley says exchange limit dropped to stop misusing of funds

Narada Desk | November 17, 2016 2:31 pm Print
The government has reduced exchange limit to Rs 2,000 and allowed marriage households to withdraw Rs 2.5 lakh from one account as well as farmers to withdraw up to Rs 25,000 a week.
Arun Jaitley : Union Finance Minister

On a day when both the Houses of Parliament were rocked by debates on Demonetisation move on Rs 500 and Rs 1000 notes, Finance Minister Arun Jaitley described the government’s decision to drop exchange limit from Rs 4500 to Rs 2000 as a one to stop misuse of funds.

The government has reduced exchange limit to Rs 2,000 and allowed marriage households to withdraw Rs 2.5 lakh from one account as well as farmers to withdraw up to Rs 25,000 a week.

Jaitley said, “exchange limit is dropped from Rs 4500 to stop misuse of funds.” He also added the exemption given to families to withdraw Rs 2.5 lakh from one account for marriages as a “big relief for the common man.”

Finance Minister also announced that around 22,500 banks would be recalibrated today itself.

The demonetisation move, announced by Prime Minister Narendra Modi on November 8 brought lakhs of people to the streets to stand in front of banks to exchange old currencies.

 

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