Latest on demonetisation: What you need to know

New Delhi/Mumbai, November 21

In view of cash crunch being faced by borrowers, the RBI on Monday provided additional 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.

Here are the latest developments on demonetisation:

— The RBI today provided additional 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore. This is applicable to loans payable between November 1 and December 31.

— Further relaxing cash withdrawal norms, the RBI said overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week. Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week.

— The government allowed farmers to purchase seeds for the rabi crops using old Rs 500 notes from government outlets or state, Central agriculture universities.

— The government employees belonging to Group-C started receiving Rs 10,000 in cash as advance of their salary for the month of November. At least 1,000 employees working in the Home Ministry were given salary advance in Rs 2,000 and Rs 100 denomination.

— People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency, the Reserve Bank said. — PTI