1. RBI brings relief for wedding families; now declare payments above Rs 10,000 only

RBI brings relief for wedding families; now declare payments above Rs 10,000 only

Reserve Bank Of India had on Monday notified norms withdrawing upto Rs 2.5 lakh cash for purpose of wedding ceremonies.

By: | New Delhi | Updated: November 22, 2016 10:25 PM
rbi new norms for banks, new norms for marriage, wedding ceremonies rbi, rbi wedding ceremonies The central bank notified that only the payments beyond Rs 10,000 will be declared by the families. (Reuters)

Reserve Bank of India, in marginal relief to wedding families, relaxed one of several tough conditions set up for withdrawal of Rs 2.5 lakh from their own accounts. The central bank notified that only the payments beyond Rs 10,000 will be declared by the families. “A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is Rs 10,000 or more. The list should indicate the purpose for which the proposed payments are being made,” RBI said in a notification.

Reserve Bank Of India had on Monday notified norms withdrawing upto Rs 2.5 lakh cash for purpose of wedding ceremonies. With the announcement, central bank had also applied a number of stiff conditions for the withdrawal of amount, making it difficult for families who have wedding scheduled of their wards. RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced and the same can be done only for marriages solemnised on or before December 30.

Here are the other conditions:

1) The amount can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.

2) Cash withdrawn should be used only to make payment to those persons who do not have bank accounts and the names of such recipients should be mentioned while applying for withdrawal of the cash.

3) The application for withdrawal should also provide names of bride and groom, their identify proofs, addresses and date of marriage.

4) The amount can be withdrawn only if the date of marriage is on or before December 30, 2016.

RBI, in a written notification, had said that the bank has decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding-related expenses, RBI said in a notification.

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