Local Goa News

Monday, November 21, 2016

Getting married before Dec 30? RBI issues fresh guidelines

Panaji: Couples looking to get hitched and fretting over the massive wedding expenses without a penny in their hand can heave a sigh of relief; that is as long as the wedding is before December 30. With a limit of 2.5 lakh imposed for wedding expenses, only one person will be allowed to withdraw money for the wedding as long as the couple proves that the service providers being paid do not possess a bank account.

“With a view to enable members of the public to perform and celebrate 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. Yet, banks should encourage families to incur wedding expenses through non-cash means,” Reserve Bank of India chief general manager Vijaya Kumar said.
RBI issued a notification on Monday to banks outlining the guidelines to be followed while disbursing funds for wedding purposes. The notification states that an individual can withdraw the stipulated amount out of the balance seen in the account as on November 8. This means that if an individual had less than 2.5 lakh on November 8, the person would not be able to withdraw 2.5 lakh even if additional funds had been deposited after the demonetization drive was announced by Prime Minister Narendra Modi.

TOI Goa News

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