RBI Wedding Withdrawal Limit rules due to demonetization of Rs. 2.5 lakh
Some days ago on seeing the market for weddings suffer the government of India had enabled the wedding arrangers to avail 2.5 lakh rupees from their account from the banks. However, because there was a strict demonetization, all the black marketers have suffered. They are now looking for ways to make their black money white. On suspecting that they will use the wedding limit in their favor, the government tightened its reigns.
Here are the detailed conditions
- A maximum amount of Rs. 2.5 lakh can be withdrawn from any account at a given point of time till December 30th 2016 for the purpose.
- The withdrawals were earlier made by either the parent of the person or the person getting married. This means that you have to be either the guardians of the person getting married or yourself – no middlemen allowed.
- A detailed list of the persons to whom the cash that has been withdrawn is going to be paid to. This is to ensure that there is strictly no foul play.
- Also the persons to whom such payments are being made should also have a declaration that they do not have bank accounts. Each and every expense of the amount withdrawn should be given.
- The applications for the wedding purpose withdrawal should have the name of both the bride and the groom and also identify them by submitting their ID proof, address proof and date of marriage.
As per the RBI headlines it is quite clear that they are encouraging cashless transactions. The governing body has also said that cashless transactions such as payment through online portals and credit or debit cards should be made to make the whole thing be hassle free experience.
New Rules and Implications
The RBI was initially not so strict about the withdrawal of money for wedding purposes. However now they have made sure that every penny is accounted for even for those that are withdrawing money for the wedding. This is why some of the conditions that have been mentioned did not exist previously. They have been only added in the recent few days.
Not just the people, but also the banks have been asked to keep a close check on those that have come to withdraw the money. Bankers are being asked to keep a close monitor on those that are collecting this money for this purpose. Details of their application may also be sent to the Income tax department for further scrutiny.
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