NEW SET OF RULES FOR NOTE EXCHANGE

After completing one week of demonetization Indian Government set new rules regarding getting new currency. Now from today (17/11/2016) some more new rules are announced by the Government which will be in effect from 18th of November. But the question is same ' when we will get rid of the long queues. However our Government and RBI along with other banks are working continuously to provide legal money to the citizens so that the market get flourish with the new currency and the market and life of citizen come back to normal track.

So after almost 10 days what changes government has brought  to provide relief or what changes we have seen or what change public really want, is the today's topic of analysis-

CHANGES-

• Indelible ink (used during election) will be used on middle index finger to prevent same person from carrying out transaction. 

• Withdrawal amount for wedding set to Rs. 2.5 lakh from father or mother account. KYC information at the bank mandatory.

• Farmers can withdrawal upto Rs 25000 per week in the form of cheque or through RTGS. Crop insurance installment payment date increased for 15 days.

• Registered Traders at mandit can withdraw upto Rs 50000 per week. KYC is mandatory.

• Central Government employees up to group C can withdraw advance salary upto Rs 10000 in advance. 

• Now people can exchange 2000 Rupees from any bank, which was later 4000.

• Maximum transaction from ATM is now 2500 Rupees instead of 2000.

• Daily limit of 10000 Rs withdrawal from bank has been removed.

• Weekly limit of 20000 Rs has been increased to 24000 Rs.

• From today bank will also provide notes of 10, 20 and 50 Rupees, so that the problem of change in the market can be solved.

• Micro ATM will be installed from today in areas of high population densities so that queues can be shortened.

• Banks have been given orders to provide provision of separate queues for Senior citizens and Specially able citizens.

• Separate queues for exchanging money and depositing and withdrawal in banks.

• Some of the ATM are ready to provide new 500 and 2000 Rupee notes.

Government and RBI are working to upgrade the ATM, enabling them to provide new currency. 

A special team under the leadership of Deputy Governor of RBI are continuously watching this. 

RBI has also issued a notice to public that " a person having JAN DHAN account should not deposit illegal money of others as JAN DHAN accounts are been watched continuously by Govt agencies.

SBI chairman Arundati Roy has also ensured that all ATM will start working within few days. 

Cassettes in the ATM machines are in progress of upgradation and still lot of ATM are either closed or getting out of cash because the queues are getting longer but the cash is less in machines (as only 100 rupee notes are provided)

Government has already told us that there is nothing to panic & it is true also, we should not get panic and support our government but it is also true that demonetization has created a lot of trouble in our life. But we should hope from today our problems will start getting solved.