Have wedding plans? Follow these conditions after note ban

The RBI imposed conditions for withdrawal of up to Rs 2.5 lakh rupees from bank accounts for weddings, saying the money can be withdrawn only if the date of marriage is on or before December 30.

Written by: Madhuri
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Mumbai, Nov 22: A sigh of relief for couples looking to get hitched as long as the wedding is before December 30. The Reserve Bank of India (RBI) imposed conditions for withdrawal of up to Rs 2.5 lakh rupees from bank accounts for weddings, saying the money can be withdrawn only if the date of marriage is on or before December 30.

Have wedding plans? Follow these conditions after note ban

The RBI also said cash withdrawn should be used only to make payment to those persons who do not have bank accounts like a caterer or florist and that the name of such recipients should be mentioned while applying for withdrawal of cash. Money can be withdrawn only by the bride, groom or their parents.

People looking to withdraw have to also submit adequate proof of the wedding, including the invitation card and purpose for which the proposed payments are being made, and a detailed list of people who will receive the cash.

Withdrawals can be made by either of the parents or the person getting married. Only one of them will be permitted to withdraw, the central bank said on Monday in a notification.

The government on November 8 banned the two highest currency notes - which formed 85 per cent of the cash in circulation - to check tax evasion and terror funding.

OneIndia News

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