Demonetisation: Finance Ministry allows farmers to buy seeds using old notes

The Ministry has ensured that the farmers will be suitably facilitated during the Rabi season.

Demonetisation: Finance Ministry allows farmers to buy seeds using old notes
The Prime Minister Narendra Modi had announced the currency ban of Rs 500 and Rs 1000 notes. Photo: IANS
By ZeeBiz WebTeam
Updated: Mon, Nov 21, 2016
01:49 pm
Mumbai, ZeeBiz WebDesk
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The Finance Ministry on Monday caved-in and allowed farmers to use old currency notes to buy seeds for the upcoming Rabi season. 

Farmers can purchase seeds from units or outlets belonging to the Central or State Governments, PSUs, National or State Seeds Corporations, Central or State Agricultural Universities and the ICAR, by showing identity proof, the Ministry said.

The announcement came in, after the government on Thursday gave the farmers permission to withdraw Rs 25,000 per week against "from their KYC compliant accounts subject to the normal loan limits".

Moreover, the Ministry has ensured that the farmers will be suitably facilitated during the Rabi season.

On November 8, the Prime Minister Narendra Modi had announced the currency ban of Rs 500 and Rs 1000 notes to curb black money floating in the country.