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RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.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amount, wedding purposes rs 2.5 lakh, rs 2.5 wedding amount, wedding amount rs 2.5 laks RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.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 RBI has said that money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.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1) The amount can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.

2) Cash withdrawn should be used only to make payment to those persons who do not have bank accounts and the names of such recipients should be mentioned while applying for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4) The amount can be withdrawn only if the date of marriage is on or before December 30, 2016.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“A maximum of Rs 2,50,000 is allowed to be withdrawn from bank deposit accounts till December 30, 2016, out of the balances at credit in the account as of close of business on November 8, 2016,” the notification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Further, there should be “a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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

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