Wednesday, November 23, 2016

Govt. puts riders on cash withdrawals for marriage celebrations

After demonetization of old notes of Rs. 500/1000, there is a chaos among people. Finally the Govt. paid heed to people’s feeling and it allowed up to Rs 2.5 lakhs withdrawals from wedding celebrations. Now, the Govt. put riders on such withdrawals. In order to ensure that only genuine people make such withdrawal. The Govt. has imposed following conditions for withdrawals:

I. The application for withdrawal shall be accompanied by following documents:

• An application in the specified format

• Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.

• Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.

• A detailed list of persons to whom the cash 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.

II. Withdrawals are permitted only from accounts which are fully KYC compliant.

III. Withdrawals can be made either by the parents or the person getting married.

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