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AFP
17 November, 2016, 14:10
Update: 17 November, 2016, 14:10
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India eases cash rules for weddings

AFP
17 November, 2016, 14:10
Update: 17 November, 2016, 14:10

New Delhi: India announced new measures Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes.

The shock move last week, which saw 85 percent of the cash in circulation suddenly withdrawn, has led to huge queues forming outside banks as people rush to exchange old notes for new, and has thrown plans into disarray as the wedding season gets under way in the country of 1.2 billion people.

The government has placed a weekly limit of 24,000 rupees ($350) on withdrawals as banks struggle to cope with a shortage of cash and many ATMs run dry.

But Shaktikanta Das, secretary in the Department of Economic Affairs, said families planning a wedding would now be able to withdraw up to 250,000 rupees in one go.

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