MUMBAI: RBI today imposed stiff conditions for withdrawal of up to Rs 2.5 lakh in cash from bank accounts for marriages, saying the money can be withdrawn only from the credit balance as on November 8, the day demonetisation was announced.
While notifying norms, RBI said the cash withdrawn should be used only to make payment to those persons who do not have bank accounts and the names of such recipients should be mentioned while applying for withdrawal of the cash.
The application for withdrawal should also provide names of bride and groom, their identify proofs, addresses and date of marriage.
The amount can be withdrawn only if the date of marriage is on or before December 30, 2016.
With a view to enabling people to perform weddings of their wards, it has been decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding-related expenses, RBI said in a notification.
“A maximum of Rs 2,50,000 is allowed to be withdrawn from bank deposit accounts till December 30, 2016, out of the balances at credit in the account as of close of business on November 8, 2016,” the notification said. (AGENCIES)
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