Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of various sections of society.
The Central Government on Wednesday taken certain decisions for the benefit of farmers in the current Rabi season and to promote digital payments in the economy.
The nature of operational measures are as follows :
- NABARD has made available Rs.21,000 crores limit to the District Central Cooperative Banks (DCCBs) through State Cooperative Banks for Rabi agricultural operations. This will enable the DCCBs to sanction and disburse crop loans to the farmers through the network of Primary Agricultural Cooperative Societies (PACS). This will benefit more than 40% of the small and marginal farmers who avail institutional credit/crop loans.
- RBI and the Banks have been advised to make the required cash available to the DCCBs. This will ensure quick and unhindered flow of credit and required cash to the farmers, especially for sowing and other agricultural operations during the current Rabi season.
- RBI has already decided to provide additional 60 days time for repayment of dues. This will be applicable to personal and crop loans including housing and agricultural loans, taken from banks, NBFCs, DCCBs, PACS or NBFC- MFIs.
- To promote greater use of Debit Cards, Public Sector Banks and some of the private sector Banks have decided to waive the MDR charges till 31.12.2016.
- To promote greater usage of payments through e-wallets, RBI has decided to increase the monthly transaction limit for individuals from Rs.10,000 to Rs.20,000.
- For convenience of passengers, Indian Railways have decided not to levy service charges of Rs.20 for second class and Rs.40 for upper classes on purchase of reserved E-tickets upto 31st December, 2016.
- TRAI has decided to reduce the USSD charges from the current Rs.1.50 per session to Rs.0.50 per session for transactions relating to Banking and payments upto 31.12.2016.
- All Government organizations, public sector undertakings and other Government authorities have been advised to use only digital payment methods such as internet banking, unified payment interface, cards, Aadhar enabled payment system etc. to make payments to all stakeholders and employees.