A few days back, Government has made a statement that if any families have wedding ceremonies, those are allowed to draw an amount of Rs 2.5 lakh. After the heat discussion with some people and opposition parties Government took that decision. For every decision, the Government has put some restrictions and likewise for withdrawal of Rs 2.5 lakh for weddings will also have few new RBI guidelines which have been revealed by Reserve Bank of India yesterday.
RBI has issued a notification to let people withdraw Rs 2.5 lakh for marriages, but it is going to be a pain. According to the new rules of RBI, only one person per family with an upcoming wedding on or before December 30 will draw money.
For doing this, the particular person will show the wedding invitation as well as receipts of advance payments to caterers, etc. The bank manager will need to keep the copies of all documents for enquiry. Now it is going to be a painful thing as per user’s point of view, but banks said that they were unable to pay money if you allowed withdrawal of Rs 2.5 lakh for families with the wedding. Banks asked few optional rules or guidelines for withdrawal of cash.
Here is the RBI Guidelines for withdrawal of Rs 2.5 Lakh for Wedding Events
- The withdrawal of maximum Rs 2.5 lakh from bank accounts allowed till December 30.
- The amount can withdraw only if the marriage date is on or before December 30.
- Only one person per family allowed to draw Rs 2.5 lakh (Either parents or the particular one getting married). Families will have to submit a self-declaration document, saying the cash will draw against only one account.
Since the amount to be taken is meant for cash expenditures, it has to be reputable that the people who will get the payments done not have bank accounts. Confused? If the customer has to pay for catering, then the caterers don’t have bank accounts.
RBI Guidelines: Required Documents to attach with Application
- Proof of Wedding like Invitation Card
- Copies of receipts for any advance payments like catering bills or Marriage Hall bookings bills
- The list of person details to whom the cash is to pay
- And those people declare that they do not have the bank account.
- The Account holder has to know your customer (KYC) norm compliant fully
- Banks later take copies of documents and put them for verification.