Economic Affairs Secretary Shaktikanta Das made Important Announcements to Ease Financial Pressure on Common Man.
Seven days since demonetisation, seven spontaneous decisions implemented by the government. How will it ease the brunt of currency ban in India? Playing by the ear, Modi-led BJP government decided to stick with its initial decision, but Economic Affairs Secretary Shaktikanta Das announced fresh norms to ease economic burden on the common man.
Latest Updates on Currency Demonetization
- Farmers all over the country can withdraw up to Rs. 25,000 per week against agriculture/crop loans from banks. As per Das, farmers can use this cash to purchase seeds and fertilizer for the Rabi season.
- Moreover, traders registered under APMCs (Agricultural Produce Marketing Committees) can pull out Rs. 50,000 per week.
- Group C Central government workers employed under paramilitary forces and Indian Railways can draw an advanced salary worth Rs. 10,000 in cash.
- Regulations have toned down a bit for marriage parties that can withdraw around Rs. 2,50,000 for a wedding. This amount can be drawn from a single ‘KYC compliant’ bank account. One member each from both the bride and groom’s family can access this amount. Rest of the payments will be made via cheques or NEFTs.
- A total of 22,500 ATMs all over the country will be re-caliberated with new Rs. 2,000 notes and additional Rs. 100 notes to fulfil the growing cash demands. “The government does not intend to revoke this ban“, says Finance Minister Arun Jaitley.
How Do Experts See This Decision
According to sociologist Shiv Vishwanathan, Centre’s concession regarding marriage doesn’t sit well with most economists and sociologists. It might relieve the concerned families, who require immediate money for the impending celebrations, but recent incidents like Gali Janardhan Reddy’s lavish wedding do not send a positive message regarding government’s intention to curb black money.
According to agronomist Vijay Sardana, advance salaries are unlikely to ease the increasing burden on government employees. They’ve probably taken credits from grocers, milkmen and vegetable vendors. This will just help them pay off utility bills for the month. Increasing the withdrawal limit will help farmers buy resources, but they can’t sell their goods to traders who offer to pay them in old currency.
Introducing more notes in the market is the need of the hour. Both the PM as well as the Finance Minister need to come up with something better and more effective than altering withdrawal limits for individual communities.
