Zee Media Bureau
New Delhi: Making rules further stringent for interested parties, Reserve Bank of India (RBI) has made it compulsory to produce wedding card, copies of advance payments made for booking marriage hall and caterers in order to withdraw Rs 2.5 lakh from own accounts.
These conditions are imposed by RBI on either of the parents to meet wedding expenses.
RBI on Monday issued detailed operating guidelines for banks for dealing with such requests, four days after relaxing rules for households with marriage.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Further, there should be "a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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.
Here are the guidelines/conditions set by the RBI required for withdrawal of the money.
-The application for withdrawal shall be accompanied by following documents:
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
The scheme will be reviewed based on authenticity or bona fide use thereof, RBI added.
(PTI inputs)
