RBI imposes stiff conditions for withdrawal of up to Rs 2.5 lakh
Posted on: 22/Nov/2016 9:48:50 AM
Reserve Bank Of India has imposed stiff conditions for withdrawal of up to Rs 2.5 lakh in cash from bank accounts for marriages. From the day demonetization was announced, RBI has been imposing various restrictions in the withdrawal of money. At this juncture, the RBI has announced that Rs 2.5 Lakhs can be withdrawn for marriage purposes.
These are the following guidelines imposed by the RBI:
- A maximum of Rs 2, 50,000 is allowed to be withdrawn from bank deposit accounts till December 30, 2016, out of the balances at credit in the account as of close of business on November 8, 2016,
- Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).
- Separate application forms should be submitted to withdraw Rs 2.5 Lakhs.
- The application for withdrawal should be accompanied by evidence of the wedding, including the invitation card, copies of receipts for advance payments already made such as marriage hall booking and advance payments to caterers.
- Those who do not have bank accounts can exchange the old notes in the banks.
- Those who have bank accounts should deposit the money and then withdraw it.
