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Please Read para 2 of Fin. Min. OM – “In case no option is received by the said date, it will be presumed that the employees has opted for cash pay-out and payment thereof will be disbursed in cash accordingly”.
The government has allowed its Group C employees, including from PSUs, defence and railways, to get salaries up to Rs 10,000 in cash in advance which will be adjusted against their November salary. "It is expected that this will relief pressure on banks, - Economic Affairs Secretary Shaktikanta Das A number of measures also announced such as, Farmers may withdraw cash upto Rs 50 thousand.
New Delhi, Nov 17 (PTI) With cash crunch following demonetisation impacting agri sector, the government today eased guidelines for farmers by allowing them to withdraw up to Rs 50,000 cash per week from bank.
Besides, it has also extended the deadline for payment of crop insurance premium by 15 days and permitted APMC-registered traders to withdraw up to Rs 50,000 per week.
This steps will ensure that sowing takes place adequately in the Rabi season and enough cash is available to the farmers to buy fertiliser, seeds and other inputs, Economic Affairs Secretary Shaktikanta Das told reporters here.
"The government has decided to permit the farmers to draw up to Rs 25,000 per week against the crop loan sanctioned and credited to their accounts, subject to the limits...and this will also apply to Kisan Credit Cards," he said.
These accounts have to be in the name of the concerned farmers, the accounts will have to be KYC compliant, Das said.
Besides, if the farmers receive payments either by way of cheques or RTGS into the bank accounts, they can withdraw up to Rs 25,000 per week, Das said.
Similarly, the registered traders with the Agricultural Produce Marketing Committee (APMC) markets also will be permitted to draw Rs 50,000 per week to meet various cash requirements like payment of wages to workers and other sundry expenses.
"So, this will facilitate smooth procurement process and help farmers to sell their produce without any difficulty," Das said.
The government has also allowed its Group C employees, including from PSUs, defence and railways, to get salaries up to Rs 10,000 in cash in advance which will be adjusted against their November salary. "It is expected that this will relief pressure on banks," Das said.
Following the demonetisation of 500 and 1,000 rupee notes on November 8 by Prime Minister Narendra Modi, the government allowed withdrawal of up to Rs 24,000 per week per person through cheque and Rs 2,500 from ATMs
The Central Government takes several decisions to facilitate farmers, small traders, Group ‘C’ Employees of Central Government including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises in the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes;
Also decides to reduce the limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-with effect from 18th November, 2016.
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including those from the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:
i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).
ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.
iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.
iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.
v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.
vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.
vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the pressure on the banks.
NEW DELHI: The government today revised certain guidelines for the withdrawal of cash, limiting counter exchange of old Rs 500, Rs 1,000 notes from Rs 4,500 to Rs 2000 starting from tomorrow.
Government also allowed farmers to draw money from banks against loans sanctioned to them to buy seeds and fertilisers in the ongoing sowing season, as it responds to criticism against the move to cancel high-value rupee bills.
Farmers will be able to withdraw up to 25,000 rupees per week against their crop loans, Economic Affairs Secretary Shaktikanta Das told reporters, adding the time limit to pay crop insurance premiums has also been extended by 15 days.
Millions of Indian farmers, however, have no bank accounts and depend on local moneylenders to fund sowing.
"One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding," said Das.
Key takeaways from the conference:
Government has decided that time limit in crop insurance premium cases will be extended by 15 days.
Government decides that farmers can withdraw Rs 25000 per week from a/c where farmers receive either by cheque or which is credited by RTGS.
For wedding ceremonies, upto Rs 2.5 lakh can be withdrawn from the bank account which is KYC compliant.
For over the counter exchange of old Rs 500/1000 notes, with effect from Nov 18, Rs 4,500 limit will be reduced to Rs 2000 from tomorrow.
One member of the family, be it father or mother can withdraw upto Rs 2.5 lakhs for a wedding.
Task Force held a meeting and a road map has been formed to re-calibrate all ATMs; sure that it will be done soon.
Central government employees up to Group 'C' can draw salary advance up to Rs 10,000 in cash that'll be adjusted against their November salaries.
Kisan Credit Cards will be subject to same new limit.
There is enough cash available with Govt, no cash crunch.
Currency printing presses operating at over 100 per cent capacity.
Mandi traders can withdraw upto Rs 50,000 per week.
NEW DELHI: The Reserve Bank of India and head offices of most commercial banks have not asked banks to collect photocopies of customers' identities for exchange of old currency notes.
In an email to TOI , RBI said that its guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of the State Bank of India confirmed the same: "The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document," he said.
Yet most bank branches, including several of SBI , have been insisting on photocopies, which has added to lengthening of queues at the branches. Some branches have offered to copy the document in the branch when customers turn up with only the original copy of their identity.
A few banks are having a dual approach. "While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again," said A Vidyasagar, COO, Lakshmi Vilas Bank. "For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch," he added.
The gazette notification withdrawing the old high denomination notes from circulation issued on November 8 had said that people can exchange notes at any bank by submitting a requisition slip and proof of identity.
Press Information Bureau Government of India Ministry of Finance
17-November-2016 19:17 IST
Transactions in relation to which quoting PAN is Mandatory
The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list under Rule 114B as on date requiring PAN to be quoted includes the following banking transactions :
·Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
·Purchase of bank drafts or pay orders or banker's cheques from a banking company or a co-operative bank in cash for an amount exceeding fifty thousand rupees during any one day.
·A time deposit with a banking company or a co-operative bank or a Post Office
·Opening an account [other than a time-deposit referred to above or a Jandhan / Basic Bank Deposit Account] with a banking company or a co-operative bank.
In addition to the existing requirement of quoting of PAN in respect of cash deposits in excess of Rupees fifty thousand in a day, quoting of PAN will now also be mandatory in respect of cash deposits aggregating to Rupees two lakh fifty thousand or more during the period 09th November, 2016 to 30th December, 2016 as per an amendment notified by CBDT on 15-11-2016.
The Department has already issued close to 25 crore PAN till date. The persons requiring a PAN for complying with the above requirement may do so by applying to the NSDL in a prescribed format with the necessary documentary proof. The link to the NSDL site and the instructions for making the application are available on the official website of the Income-tax Department www.incometaxindia.gov.in under the ‘Important Links’ head in the lower left hand corner of the homepage.