RBI impose more strict rules to withdraw Rs 2.5 lakh for weddings

Photo related to Indian wedding.

New Delhi: The Reserve Bank of India today imposed more hard conditions for the people seeking withdrawal of amount of Rs 2.5 lakh for wedding purpose.

Now those who wants to withdrawal of Rs 2.5 lakh from their own accounts have to go through more difficult norms for wedding expenses as they should carry copies of advance payments made for booking marriage hall and caterers along with Wedding card.

After four days of the government announced special allowance for meeting wedding expenses, RBI on Monday issued detailed operating guidelines for banks for dealing with such requests.

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The marriages which are solemnised on or before December 30th, the withdrawals will be allowed only from balance available before November 8 decision of the government to demonetise 500 and 1,000 currency notes.

The government has asked banks to keep records of all disbursals and drawers will have to submit list of persons to whom payments will be made out of the funds.

This special privilege was given to ease the cash crunch faced during the ongoing wedding season due to imposition of cash withdrawal restrictions on all bank accounts after the demonetisation decision.

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

The apex bank 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.

RBI told banks, “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.”

The RBI added, scheme will be reviewed based on authenticity or bona fide use thereof.

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