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Farmers can buy seeds with old Rs 500 notes; relief for small businesses

Farmers can buy seeds with old Rs 500 notes; relief for small businesses


Mangalore Today News Network

New Delhi, Nov 21, 2016 : The government further eased cash withdrawal norms on Monday for small traders and farmers, who are among the hardest hit by a shock recall of high-value currency about two weeks ago.

 

farmers


The Reserve Bank of India said small businesses can withdraw up to Rs 50,000 in cash every week from their overdraft and cash-credit accounts that have been active for at least three months. This facility was earlier allowed only for current accounts of traders.

But the facility will not be applicable for personal overdraft accounts, a statement issued by the central bank said.

Read | Stranded trucks, unpaid workers: India Inc counts cost of demonetisation

The finance ministry also decided to allow farmers to purchase seeds with the now-scrapped Rs 500 notes from the centres, units or outlets belonging to the central or state governments or public sector undertakings.

The government earlier had already relaxed the norms for farmers allowing them to draw up to Rs 25,000 a week against crop loans.

The government has unveiled several measures to ease the hardships of demonetisation on the poor, farmers and traders but the opposition says poor implementation of the policy – which is aimed at weeding out black money – has triggered chaos across the country.

 

 

Courtesy :Hindustan Times


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Comments on this Article
Nikitha M, Udupi Tue, November-22-2016, 12:32
The situation is not being executed well by people as well as banks
Amith Kunal, Balsandar Tue, November-22-2016, 12:28
Modi’s demonetization move is good , but he had to do it with the sufficient cash in cash wouldn’t be a problem in anyway.
Sudeepa Chaitanya, Bagalbkot Tue, November-22-2016, 12:19
Everyone are facing troubles due to demonetization, but its for time being that’s it . Never think it is endless
Jeevan Achar, Perla Mon, November-21-2016, 11:23
The Government announces that the demonetized notes are accepted but when we actually go for it we do not get the required response ?
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