Going bank to withdraw money for marriage expense? Do carry your wedding card

Four days after the government announced special dispensation for meeting wedding expenses, RBI on Monday issued detailed operating guidelines for banks for dealing with such requests.

By: PTI | New Delhi | Updated: November 21, 2016 10:05 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RBI, demonestion, 2.5 lakh can be withdrawn for wedding, RBI guidelines for wedding withdrawal, demonetisation menace, detomentisation ill effect, Reserve Bank of India, indian express news RBI said banks should encourage families to incur wedding expenses through non-cash means.

Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses. Four days after the government announced special dispensation for meeting wedding expenses, RBI on Monday issued detailed operating guidelines for banks for dealing with such requests.

Withdrawals will be allowed only from balance available before November 8 decision of the government to demonetise 500 and 1,000 currency notes and the same can be done only for marriages solemnised on or before December 30. Banks have also been asked to keep records of all disbursals and drawers will have to submit a list persons to whom payments will be made out of the funds.

The special dispensation was given to ease the cash crunch faced during the ongoing wedding season due to imposition of cash withdrawal restrictions on all bank accounts in the aftermath of the demonetisation decision. Restrictions were placed as banks are grappling with cash
shortage.

“Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw),” the notification said. Further, there should be “a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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. Banks have been asked to keep a proper record of the evidence and produce them for verification by the authorities in case of need. The scheme will be reviewed based on authenticity or bona fide use thereof, RBI added.

For all the latest India News, download Indian Express App

  1. A
    aman
    Nov 23, 2016 at 10:37 am
    The hotel is asking for 9% more if we make account transfer. What can we do??
    Reply
    1. P
      Pinna
      Nov 21, 2016 at 5:58 pm
      Why the payments can't be made by cheque or plastic money? The recently opened window may be misused or abused! Remember, how fast people misused the option to buy railway tickets. Possibly those who booked the tickets have never ever travelled by AC First cl as the fare is almosst equivalent to air ticket, but since the option was there, they misused it.
      Reply