Delhi: As weddings meet cash crunch, people cut back on spending

The Reserve Bank of India had on Monday announced that Rs 2.5 lakh could be withdrawn from a bank account for wedding purposes.

By: Express News Service | New Delhi | Updated: November 23, 2016 1:23 pm
 RBI, demonestion, 2.5 lakh can be withdrawn for wedding, RBI guidelines for wedding withdrawal, demonetisation menace, detomentisation ill effect, Reserve Bank of India, indian express news Kinari Bazar is famous for wedding shopping. (Express Photo)

Three days before the Centre announced the demonetisation of Rs 500 and Rs 1000 notes, 29-year-old Rekha Verma’s family had accumulated over Rs 2 lakhs for her brother’s wedding.

On Tuesday afternoon, Verma was at Old Delhi’s Kinari Bazar looking to shop for the wedding, scheduled for December 8. “The men in the family are visiting banks, trying to exchange old currency notes and withdraw money. My father has carried a copy of the wedding card. We are not sure how the wedding will take place,” Verma said.

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The Reserve Bank of India had on Monday announced that Rs 2.5 lakh could be withdrawn from a bank account for wedding purposes. The measure, however, came with some conditions. “The government has said that we can withdraw this amount only if the account had so much money before November 8. Even if we deposit money now, we will not be able to withdraw that amount for the wedding,” Verma said.

A teacher at IGNOU, Sadhana Malhotra was also in Chandni Chowk to shop for her daughter’s wedding. “I have visited several shops here. There are smaller things that need to be paid for, like the florist, decoration and gifts. Small stores here are not accepting cards and online payments. The aim of demonetisation is good but there is a cash shortage and we are facing inconvenience,” Malhotra said.

At Noida’s Mamura village, Mukhram Singh’s daughter is set to get married on Wednesday. “The baraat will come to our house in a few hours. Guests are given cash as gift. Since the wedding is on Wednesday, we did not have time to visit the bank. My friends and family are helping us out at the moment. I will pay them back later. The wedding would have been more elaborate if getting cash was not such big a deal,” Singh said.