E-wallet limit doubled to Rs 20,000, says Shaktikanta Das -Governance Now

E-wallet limit doubled to Rs 20,000, says Shaktikanta Das

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

GN Bureau | November 23, 2016

#e-wallet #service charge #debit cards #RBI #Demonetisation

E-wallet limit doubled to Rs 20,000, says Shaktikanta Das

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 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 notes.

Das had on Sunday 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and to those having wedding in house, to withdraw up to Rs 25,000 per week from their bank accounts has been not been withdrawn by the government.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.

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

Indian Ocean more contested than ever: Western Naval Command Chief

The Indian Ocean is becoming increasingly contested and strategically significant as the Indo-Pacific emerges as the defining geopolitical theatre of the 21st century, Vice Admiral Krishna Swaminathan, Flag Officer Commanding-in-Chief of the Western Naval Command, has said. Spe

Why the judiciary needs much more than four more judges

India has a particular form of governance theatre: the bold declaration that appears to be action but is actually a way of avoiding action. The Union Cabinet on May 5 approved a Bill to increase the sanctioned strength of the Supreme Court from 34 to 38. The decision has been touted as a step toward judici

Wisdom stories that don’t preach but encourage reflection

The Foundation Of A Fulfilling Life: Lessons from Indian Scriptures Deepam Chatterjee Aleph Books, 264 pages, Rs 899

Citizens of the Bay: Why BIMSTEC matters now

The international order is drifting into a dangerous grey zone as the very powers that built today`s multilateral system begin to chip away at it. The United States has increasingly walked away from global rules and forums when they no longer suit its interests, while China has rushed to fill the vacuum on

PM salutes armed forces on one year of Operation Sindoor

Prime minister Narendra Modi on Thursday saluted the courage, precision and resolve of the armed forces on the completion of one year of Operation Sindoor. The PM said that the armed forces had given a fitting response to those who dared to attack innocent Indians at Pahalgam.&

Supreme Court judge strength to go up by four to 37

The strength of the Supreme Court is set to go up from 33 judges to 37 judges, paving the way for a more efficient and speedier justice. The Union Cabinet on Tuesday approved the proposal for introducing The Supreme Court (Number of Judges) Amendment Bill, 2026 in Parliament to amend The Sup