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Marginal relief : payments above Rs 10,000 to be declared, says RBI

Marginal relief : payments above Rs 10,000 to be declared, says RBI

In a minimal relief to wedding families, RBI Tuesday relaxed one of several conditions for withdrawal of Rs 2.5 lakh from their own accounts by making announcement for payments beyond Rs 10,000 only.

Earlier, the drawee had to announce all payments he had to make out of the Rs 2.5 lakh withdrawal from the account.

Further, RBI asked banks to ensure sufficient funds are provided to rural cooperative banks for expenditure to farmers so that they can have enough valid notes for purchase of seeds, fertiliser and other inputs during the ongoing rabi season.

Similarly, RBI doubled the limit to Rs 20,000 for semi-close pre-paid instruments with a view to meet the transactional needs of the public through digital means.

A detailed record of persons to whom the cash withdrawn is proposed to be paid, together with a announcement from such persons that they do not have a bank account, where the amount suggest to be paid is Rs 10,000 or more. The list should specify the purpose for which the proposed payments are being made, RBI said in a notification.

It is estimated that about Rs 35,000 crore would be needed by DCCBs (District Co-operative Banks) for sanction & disbursement of crop loans to farmers at the rate of Rs 10,000 crore per week, an RBI notification said.

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