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 viz.
cheques /drafts, credit/debit cards, prepaid cards, mobile transfers, internet
banking channels, NEFT/RTGS, etc. 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. Cash withdrawals shall be subject to the
following conditions:
i. A maximum of ₹ 250000/- is
allowed to be withdrawn from the bank deposit accounts till December 30, 2016
out of the balances at credit in the account as at close of business on
November 08, 2016.
ii. Withdrawals are permitted only
from accounts which are fully KYC compliant.
iii. The amounts can be withdrawn
only if the date of marriage is on or before December 30, 2016.
iv. Withdrawals can be made by
either of the parents or the person getting married. (Only one of them will be
permitted to withdraw).
v. Since the amount proposed to be
withdrawn is meant to be used for cash disbursements, it has to be established
that the persons for whom the payment is proposed to be made do not have a bank
account.
vi. The application for withdrawal
shall be accompanied by following documents:
b. 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.
c. 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persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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
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