RBI Revises Withdrawal Limits for FARMERS and TRADERS registered with APMC markets / mandis
Further to RBI Circular No.DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on withdrawal of Legal Tender Character of existing Rs. 500/- and Rs. 1000/- Bank Notes
On a review, certain modifications have been brought in the limits for withdrawal from bank accounts which are as under:
i. For farmers
Farmers may be allowed to draw upto Rs. 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.
ii. For traders registered with APMC markets / mandis
At present all current account holders are allowed to withdraw, in cash, Rs. 50,000/- in a week from their current account subject to certain terms and conditions and the same is being now extended to the traders registered with APMC markets/mandis. Such traders will be permitted to draw up to Rs. 50,000/- from their current accounts provided that such accounts are compliant with the extant KYC norms and are operational for the last three months or more.
Source: RBI Circular DCM (Plg) No.1323/10.27.00/2016-17 November 21, 2016