THE Indian government on Thursday (Nov 17) lowered the exchange limit for now-defunct 500 and 1,000 rupee notes to Rs 2,000 from the existing cap of Rs 4,500, effective Friday (Nov 18) but has given a big relief to farmers ahead of the sowing season and to families planning weddings.
'To enable larger number of people to get benefit of over-the-counter exchange of Rs 500 and Rs 1,000 notes, the existing limit of Rs 4,500 will be reduced to Rs 2,000 with effect from tomorrow,' Economic Affairs Secretary Shaktikanta Das told reporters in New Delhi.
Among other measures, the government has allowed up to Rs 2.5 lakh cash withdrawal from bank account of a bride or groom or their parents for a marriage during the ongoing wedding season.
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