After demonetization of currency notes from 8 Nov 2016, people are facing lot of problems withdrawing cash from accounts. Lot of complaints were made by people regarding difficulties they had to face for making payments for urgent needs like medical, marriage expenses. After knowing about difficulties of common man, Supreme Court had ordered Central government to inform what steps have been taken to handle this situations. Based on joint decision by Prime Minister of India Narendra Modi, Financial Minister Arun Jaitley Central Govt announced on Thursday, 17 November 2016 that weddings withdrawal limit in India is increased up to Rs.2,50,000.
But RBI Circular has not been issued till 20th November 2016. Only when Reserve Bank of India gives instructions to all banks, weddings withdrawal limit in India will be sanctioned. Many people went to bank on hearing news of Govt’s decision to allow withdrawal for marriages. It’s expected that from Tuesday, 22-11-16 banks will be able to disburse money to marriages for bride and grooms family, if RBI issues circular on 21st Monday. RBI is expected to release operational procedures regarding withdrawal of cash for weddings. Only after that banks can start allowing withdrawals for weddings as mentioned by Central Govt. With this decision many families who have been under pressure to meet expenses for weddings of their sons or daughters can feel relief.
Based on this decision amounts up to Rs.2.5 lakh weddings withdrawal limit in India can be claimed. Only one person from a family who has clearly submitted KYC form details (Know Your Customer) in savings bank account can withdraw up to Rs.2,50,000. There is strict restrictions on this withdrawal amount and only one member of family whose wedding is being done can withdraw this amount. All loop holes in withdrawal of money for marriage expenses has been closed by RBI before sanctioning this order.
For past few days from 10th November people were facing lot of problems in exchanging old notes, depositing currencies in bank accounts and withdrawing money. Normal Withdrawal limit applicable at present from a savings bank account is Rs.24000 per week. And from Current account withdrawal up to Rs.50000 is possible.
For conducting marriage expenses, buying gold ornaments, arranging food for wedding party .etc. could not be met with just Rs.24000 that can be withdrawn from a bank account.
Considering these problems faced by people, Central Government has decided to give special permission for weddings by increasing withdrawal limit for marriage ceremonies in India. Now amounts up to Rs.2 lakhs Fifty thousand can be withdrawn from savings bank account after showing proof of upcoming wedding and necessary documents required by bank.
This new decision by BJP led Central Govt has helped lot of families who did not know how to conduct their children’s marriage during this crisis.
Procedure of Weddings Withdrawal Limit in India
Expected Date of RBI Circular is 21-11-16. Only from next day, 22-11-16 weddings withdrawal will come into effect.
- Maximum Amount that can be withdrawn is Rs.2,50,000 (2 Lakhs Fifty Thousand)-
- There is no Daily limit set for it.
- Amount can be withdrawn using Savings bank account Cheque. (Regarding usage of Withdrawal slip has to be confirmed with bank.)
- Only One family member is allowed to withdraw this much amount for wedding in their family.
- Multiple withdrawals by different people of a family for a single withdrawal is not allowed.
- KYC details submitted Savings Bank account is eligible for withdrawal
- Only one person from family – Father, Mother, Bride, Bridegroom, or Brother, Sister can withdraw amount once.
- Pass Bank has to be brought
- Evidence of upcoming Marriage date
- Proof of relation with person in family who is getting married.
All proofs given will be cross checked, to prevent people withdrawing money unnecessarily in the name of wedding.
ATM withdrawal limit from banks is still not removed and only amounts up to Rs.2500 can be withdrawn per day.
Economic Affairs Secretary Shaktikanta Das has informed media about decision of Government to give special withdrawal permission to families who have upcoming marriages. Weddings withdrawal limit in India is possible only on savings account which are KYC compliant.
Families who have marriages upcoming had to pay money for booking wedding halls, buying ornaments, flowers, Wedding Saree, food arrangements for reception .etc. All this could not be done with Rs.24000 limit. After understanding problems faced by many families in conducting marriages, withdrawal limit was hiked to Rs.2,50,000 from one account of a family member.
With sudden demonetisation of Rs.500, Rs.1000 currency notes in India, all people of India were stunned. Within minutes everyone felt that they have become poor. All money stored in their own bank accounts could not be withdrawn and a limit has been imposed on it. They could only withdraw very small amounts from bank accounts using ATM’s, cheques, withdrawal slips .etc.