The poor implementation of the demonetization has triggered chaos across the country and farmers and small business holders are the one’s who are suffering the most. The note ban came across as a shock for everyone two weeks ago but the government has added new rules to facilitate farmers and small traders.
Today morning, the government has announced that farmers are allowed to purchase seeds with the old Rs 500 notes from the centres, outlets or units belonging to the central or state governments, central or state agricultural universities, national or state seeds corporations, Indian Council of Agricultural Research and public sector undertakings.
Earlier, the government relaxed the norms for farmers allowing to draw up to Rs 25,000 a week. The Reserve Bank of India eased cash withdrawal norms for small businesses as well, RBI said that they can withdraw 50,000 in cash every week from their cash-credit accounts which are operational for last 3 or more months and overdraft. The facility was earlier available only for current accounts of traders.
RBI also said that this facility will not be allowed for personal overdraft accounts.
The government has added new rules to ease the hardships of demonetization on farmers, traders and poor.
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21 November 2016
Avni S. Singh