Trade and markets
 

Detail

Area
India
Commodity Group
Rice
Commodity
All
Date
17/11/2016
Policy Category
Production
Policy Instrument
Production support
Description
Following 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.
Notes
Exchange rates as of 1 December 2016.