Rs 2.5 lakh withdrawal limit set for households celebrating weddings

Wedding apparel stores and jewellery shops have downed shutter,citing lack of business since the demonetisation move.

By: Express Web Desk | New Delhi | Updated: November 17, 2016 6:02 pm
bank, bank withdrawal, bank withdrawal limits, wedding, withdrawal for wedding, wedding money, money for wedding, Rs 2.5 lakh, Rs 2.5 lakh limit A member of the family, be it father or mother, can make the one-time withdrawal up to Rs 2.5 lakhs. (Source: Reuters)

The government’s decision to demonetise high denomination notes coinciding with the wedding season had been a cause of sorrow for many households. Offering some respite to families celebrating, on Thursday, Economic Affairs Secretary Shantikala Das announced that those in need of money can withdraw up to Rs 2.5 lakh cash per wedding.

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Das said a member of the family, be it father or mother, can make the one-time withdrawal upto that limit. “Up to Rs 2.5 lakh cash can be drawn from bank account for a marriage during ongoing wedding season,” Das said.

The move comes as a relief to not only the people who have weddings lined up in their families, but also to the shopkeepers whose business has been heavily affected since old Rs 500 and Rs 1000 notes were demonetised on November 8. Wedding apparel shops and jewellery shops have downed their shutters, citing lack of business since the announcement was made.

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With the government allowing people to get Rs 2.5 lakh in cash, it will be less daunting to arrange for currency notes of smaller  denominations to pay vendors, ranging from florists to mehendi artists, who generally accept only cash. Apart from this, central government employees, up to group C, will be allowed to draw their salary in advance up to Rs 10,000 in cash. However, the limit for over the counter exchange of old Rs 500, Rs 1000 notes has been reduced from Rs 4,500 to Rs 2,000.