New Delhi/Mumbai: The Reserve Bank of India on Thursday asked people not to hoard currency as there is sufficient supply of notes.
“The Reserve Bank of India once again clarifies that there is sufficient supply of notes consequent on increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes,” the Central bank said in a statement.
Meanwhile, with cash shortage creating hardships in the middle of marriage and sowing seasons, the government on Thursday allowed people to withdraw up to Rs 2.5 lakh for weddings and up to Rs 50,000 for farmers. However, individuals can exchange invalid Rs 500 and Rs 1,000 notes totalling Rs 2,000, as against Rs 4,500 earlier, only once till December 30.
Farmers who have taken crop loan or have kisan credit card can withdraw Rs 25,000 per week. A large number of unending queues continued at banks and ATMs even on the ninth day of demonetisation step.
Give PAN for bigger withdrawal
The Reserve Bank of India on Thursday asked people not to hoard currency as there is sufficient supply of notes.
Those who have got payments through RTGS or cheque deposit in KYC compliant bank account can withdraw an additional Rs 25,000 a week. This takes the total cash withdrawal limit for farmers from KYC complaint bank accounts to Rs 50,000 per week.
“Families preparing for a wedding can withdraw up to Rs 2.50 lakh from bank account giving PAN details and self declaration,” said economic affairs secretary Shaktikanta Das on Thursday.
“There is enough cash available with the government. This (reducing currency exchange limit) is mainly to enable larger number of people to reach the counter... We find that many people are not able to reach the counter and same persons are visiting the counter multiple times and other people are not getting the benefits,” he said.
Mr Das said PAN details would have to be mentioned for such withdrawals and a self-declaration also will be obtained that the money has been drawn only from one account.
Even as Delhi and West Bengal CMs Arvind Kejriwal and Mamata Banerjee dem-anded a rollback of the demonetisation, finance minister Arun Jaitley accused them of spreading “unnecessary panic”. He said the move to demonetisation was “very well planned”.
