New Delhi: The Reserve Bank of India (RBI) on Monday issued strict guidelines for banks to deal with the dispensation of money for marriage expenses.

For withdrawing Rs 2.5 lakh from the banks, an account holder has to produce a wedding card, copies of advance payments made for booking marriage hall and caterers.

“Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from the accounts,” said RBI.

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Those who are getting married, can go to the banks to withdraw money or they can send their parents, the notification said.

Further, there should be a detailed list of persons to whom the cash withdrawn is proposed to be paid.

“Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw),” the notification said. Further, there should be “a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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 statement by RBI said.

The withdrawals will be allowed only from balance available before November 8 demonetisation decision.

 

First Published | 22 November 2016 1:36 PM
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