1. You can now draw Rs 2.5 lakh for weddings; but, conditions apply

You can now draw Rs 2.5 lakh for weddings; but, conditions apply

RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.

By: | New Delhi | Updated: November 21, 2016 10:15 PM
conditions for amount for wedding puposes, wedding purpose amount, wedding purposes rs 2.5 lakh, rs 2.5 wedding amount, wedding amount rs 2.5 laks RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced. (AFP)

Reserve Bank Of India on Monday notified norms withdrawing upto Rs 2.5 lakh cash for purpose of wedding ceremonies. With the announcement, central bank has also applied a number of stiff conditions for the withdrawal of amount. RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.

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1) The amount can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.

2) Cash withdrawn should be used only to make payment to those persons who do not have bank accounts and the names of such recipients should be mentioned while applying for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4) The amount can be withdrawn only if the date of marriage is on or before December 30, 2016.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, said 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.

“A maximum of Rs 2,50,000 is allowed to be withdrawn from bank deposit accounts till December 30, 2016, out of the balances at credit in the account as of close of business on November 8, 2016,” the notification said.

“Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).”

Further, there should be “a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account. The list should indicate the purpose for which the proposed payments are being made”.

RBI also said banks should encourage families to incur wedding expenses through non-cash means through cheques or drafts, credit or debit cards, pre-paid cards, mobile transfers, Internet banking channels, NEFT/RTGS and the like.

“Therefore, members of the public should be advised, while granting cash withdrawals, to use cash to meet expenses which have to be met only through cash mode,” RBI told banks.

With Agency Inputs

  1. A
    ankur
    Apr 10, 2017 at 12:29 pm
    i have no money for do my sister marriage therfore i need 2.50lakhs rs from my sister marriage pls help me mujhe paise de do aap ya sanstha se dilwa do mere sister ki shadi pakki ho gy hai
    Reply
  2. S
    SATISH
    Nov 23, 2016 at 6:58 am
    HI M SATISH KUMAR CONTACT NO 9023095751 MERI MARRIGE 29 NOV 2016 KO HAI BUT STILL BANK OF INDIA MODEL TOWN JALANDHAR MAIN MERA ACCOUNT HAI OR MUJHE PAISE KI JARRORAT HAI BUT BANK MANAGER SAID TO ME MAI AAPKO PAISA NAI DE SAKTA OR MERE P KOI NOTIFICATION NI HAI SO PLZ RBI ND PM HELP ME ITS URGENT ABHI TAK BAHUT TAYARI BAKI HAI BINA PAISE KE KUCH BHI NAI LE PAA RAHA HUU
    Reply
  3. S
    SATISH
    Nov 23, 2016 at 7:04 am
    HI M SATISH KUMAR CONTACT NO 9023095751 MERI MARRIGE 29 NOV 2016 KO HAI OR MERA BANK ACCOUNT BANK OF INDIA MODELTOWN JALANDHAR MAIN HAI OR MUJHE PAISE KI BAHUT JARURAT HAI BUT BANK KA MANAGER SAAF INKARR KR RAHE HAI SO PLZ RBI ND PM MODI G HELP ME ITS VERY URGENT
    Reply
  4. S
    Sumit
    Nov 22, 2016 at 8:20 am
    In a wedding, people have to leave their joy of this auious moment for their family and begin to be in queue with the bride and groom to get the money exchanged from bank so that they could get married.Moreover, asks other persons to get their ideny with higher rates, as no one can easily give you the ideny to write down in others' transactions, they are doing business not signing contract where they have to submit verification doents. This will increase the expense and stress on the family who has planned the marriage. Banks should allow persons to use their money from accounts for their needs.
    Reply

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