Cash exchange limit cut, PAN mandatory for new accounts
All new bank accounts, except those opened under the Jan Dhan Yojana, and time deposits in banks, post offices and co-operative banks will now require a PAN card, even as the Centre eased its demonetisation norms on Thursday to facilitate cash flows for farmers and families of couples about to get married.
Up to Rs. 2.5 lakh each can be withdrawn by the prospective bride and groom’s family for their wedding expenses and farmers can withdraw up to Rs. 25,000 a week, even as the Centre reduced the exchange limit for old notes to Rs. 2,000 from the Rs. 4,500 earlier