AreaIndia

Commodity GroupRice

CommodityAll

Date17/11/2016

Policy CategoryProduction

Policy InstrumentProduction support

DescriptionFollowing the withdrawal of INR 500 and 1000 notes from circulation in early November, decided that deadlines for payments of crop insurance premiums would be extended by fifteen days, in order to assist producers market their produce and fund cropping activities during the Rabi campaign. In addition, farmers would be permitted to withdraw up to INR 25 000 (USD 366) in cash per week from bank accounts, provided these were compliant with Know Your Customer (KCY) guidelines. Traders registered in the Agricultural Produce Market Committee (APMC) markets would also be allowed to withdraw INR 50 000 per week (USD 731) from their KCY compliant accounts.

NotesExchange rates as of 1 December 2016.