Contact Your Financial Adviser Money Making MC
22
November 2016
Following the cash crunch resulting from
the recent demonetisation, the RBI on Monday imposed stiff conditions for
withdrawal of up to Rs 2.5 lakh in cash from bank accounts for weddings, saying
the money can be withdrawn only from the credit balance as on the day
demonetisation was announced on November 8. The Total Investment & Insurance Solutions
"A maximum of Rs2,50,000 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to be withdrawn from bank deposit accounts till December 30, 2016, out of the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 Reserve Bank of India notification said. The Total Investment & Insurance Solutions
"Withdrawals can be made by either
of the parents or the person getting married (Only one of them will be
permitted to withdraw), " it said.
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The application for withdrawal should be
accompanied by evidence of the wedding, including the invitation card and
copies of receipts for advance payments already made.
Moreover, 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detailed list of persons to whom the cash withdrawn is proposed to be paid,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," the notification added.
The application for withdrawal should
provide names of the bride and groom, their identify proofs, addresses and date
of marriage. The Total Investment &
Insurance Solutions
The RBI also said banks should encourage
families to make wedding expenses through non-cash means like cheques or
drafts, credit or debit cards, pre-paid cards, mobile transfers, and internet
banking channels. The Total Investment
& Insurance Solutions
"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 advised the
banks.The Total Investment &
Insurance Solutions
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