Rs 2.5 lakh withdrawal for weddings: Know the RBI conditions!

Here are the guidelines/conditions set by the RBI required for withdrawal of the money.

Rs 2.5 lakh withdrawal for weddings: Know the RBI conditions!

Zee Media Bureau

New Delhi: The demonetisation of Rs 500 and Rs 1000 came as a big blow and a surprise to every Indian, regardly of their financial status.

While it has hit practically every individual in the country, one area that has been adversely affected is – the weddings.

Being the season of marriage, finance/money plays a major role. However, demonetisation has affected it so much that many marriages have reportedly come to a halt.

Therefore, in order not to affect marriages, the government on Friday permitted withdrawal of a sum of Rs 2.5 lakh for marriage purposes.

However, on Monday the Reserve Bank of India came up with a set of stringent conditions for withdrawal of the Rs 2.5 lakh.

Here are the guidelines/conditions set by the RBI required for withdrawal of the money.

  • Wedding Card
  • Copies of advance payments made for booking marriage hall and caterers
  • Withdrawals only on balance available before demonetisation of November 8
  • Withdrawal only for marriages solemnised on or before December 30
  • Banks to keep records and submit the same to RBI
  • Withdrawals can be made by either of the parents or the person getting married, not both
  • A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account
  • Banks to keep a proper record of the evidence and produce them for verification by the authorities in case of need

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