RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings

TIL Desk Business/New Delhi/ 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.