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India cuts limit of over-the-counter exchange of old 500 and 1000 notes to 2000 rupees

Latest announcement from the Indian finance ministry 17 Nov

  • effective 18 Nov
  • allowes registered traders to draw up to 50,000 rupees per week
  • farmers will be able to withdraw up to 25, rupees per week against crop loans
  • time limit to pay crop insurance premiums has been extended by 15 days

Millions of Indian farmers have no bank accounts and depend on local moneylenders to fund their sowing.

The fall out continues from the govt's surprise move last to week to replace 500 and 1000 rupee notes in a bid to combat corruption/tax evasion in this heavily cash-based economy/society.

How are our readers in India dealing with the moves? I hear some horror stories from friends out watching the current cricket Test series.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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