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Old Notes Exchange Limit Cut To Rs. 2,000 From Rs. 4,500

The government has reduced the limit for swapping old 500-rupee and 1,000-rupee notes at the bank and post office counters to Rs 2,000 for each person from Rs 4,500 now.

Meanwhile, families can withdraw Rs 2.5 lakh for weddings from one account and farmers can withdraw up to Rs 25,000 a week, the government said today, announcing another set of measures to ease a massive cash crunch after the currency ban.

“The government has decided to permit farmers to draw up to Rs 25,000 per week against crop loans sanctioned and credited to their accounts,” said Economic Affairs Secretary Shaktikanta Das on Thursday.

The accounts have to be in the name of the farmer and will be subject to loan limits.

The government’s sudden decision to pull out Rs 500 and Rs 1,000 notes from circulation has driven people to wait for hours at banks and ATMs for cash.

In the wedding season, the notes ban has led to a severe crisis for several families who had withdrawn cash just before the demonetisation.

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