E-wallet limit doubled to Rs 20,000

No service charge will now be levied for use of debit cards till December 31, 2016

GN Bureau | November 23, 2016


#RBI   #scrapped currency   #E-wallet   #Demonetisation   #debit cards  


 The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, 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.

 Department of economic affairs secretary Shaktikanta Das told the media that the government decided that no service charge will now be levied for use of debit cards till December 31, 2016 and that the move is meant to ensure greater penetration of digital transaction. These steps have been taken in order to ease the pain of the common man.
 
 Prime minister Narendra Modi had on November 8 announced the government’s decision to demonetise Rs 500 and Rs 1,000 currency notes. 
Das had on Sunday clarified 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.
 
But 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.
 

Comments

 

Other News

Covid-19 antibodies found in 86.64% Mumbai citizens

As many as 86.64% citizens of the city of Greater Mumbai have antibodies, according to the fifth sero-prevalence survey. Among the people who are fully or partially vaccinated, the antibodies were found in 90.26%, while among the unvaccinated citizens, 79.86% had antibodies. The Municipal C

`Bad Bank`: All you wanted to know about NARCL

The cabinet has cleared the formation of ‘National Asset Reconstruction Company Limited’ (NARCL) which will acquire “stressed assets” of about Rs. 2 Lakh crore in phases within RBI regulations in order to address the problem of humongous amounts of bad loans in public sector banks.

Citizens Charter: How this less-known law empowers us

When consumer rights and RTI activist Mohammad Afzal was shifting to a new residence in a different area, he required changes in various documents. He decided to take the help of the Citizens Charter along with other friends who also required similar work with authorities. The Citizens Chart

Minister for Ports, Shipping & Waterways emphasises on setting up of National Transport Facilitation Committees

Union Minister for Ports, Shipping & Waterways and AYUSH, Sarbananda Sonowal has underlined the importance of cross-border connectivity among India and developing nations of South-East Asia. Addressing the ASEAN summit on Future of India-ASEAN Connectivity Partnerships virt

Ministry of Finance organises advance training programme in PPP for states

The Department of Economic Affairs (DEA), Ministry of Finance and the Indian Institute of Management Bangalore has organised a virtual advance level training programme on Public-Private Partnership. Additional Secretary DEA, K Rajaraman, Joint Secretary, DEA, Baldeo Purushartha

Ministry of Agriculture signs MoUs for Digital Agriculture

Modernisation of the Agriculture sector will continue by infusing new technologies so that farmers can increase their income, states Agriculture Minister Narendra Singh Tomar. The Ministry of Agriculture and farmer welfare has signed MOUs for pilot projects with Cisco, Ninjacar

Visionary Talk: GVL Narasimha Rao, Member of Parliament, Rajya Sabha on Upcoming UP Elections


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter