In order to ease the pain of the common man, RBI on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000.
Demonetisation: In order to ease the pain of the common man, RBI on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. The Reserve Bank of India also said merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts. The relaxation will be applicable until December 30, the RBI said. The government also decided that no service charge will now be levied for use of debit cards. Department of Economic Affairs Secretary Shaktikanta Das said that till December 31, 2016, no service charges will be levied on debit cards and that the move is meant to ensure greater penetration of digital transaction.
Government’s decision to demonetise Rs 500 and Rs 1,000 notes, though welcomed by people across the country, has left many in the lurch and utter state of confusion. Earlier on Sunday, Das had clarified that concession, given to farmers and to those having wedding in house, to withdraw up to Rs 25,000 per week from their bank accounts has been not been withdrawn by the government. In addition, traders who are registered with the Agricultural Produce Market Committee were allowed to withdraw up to Rs 50,000 per week for a smooth procurement process.
While concessions have been made for families that have an forthcoming wedding, the amount of money that an individual can exchange by handing over the old Rs 500 and Rs 1,000 notes in banks has been lowered to Rs 2,000 since last Friday.