Fairdabad/ Alive News: Undoubtedly, announcing of Rs 500 and 1000 notes properly out of reach has brought turmoil in people. Every section of society in the country is looking upset. Someone has no money to run home expenses or purchasing things, while others are upset over their marriage, farming and running shops. However, considering people’s problems the govt. has given some leniency in rules, People who are engaged in marriage, their work should not be affected due to money, but have to follow RBI guidelines if they have require money.
According to RBI guideline, Cash withdrawals shall be subject to the following conditions
I. A maximum of Rs 250000 is allowed to be withdrawn from the bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08,2016.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 The amounts can be withdrawn only if the date of marriage is on or before December 30,2016.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V. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.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.
(a) An application as per Annex
(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(c) A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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
Finally, it has been said that Bank shall keep a proper record of the evidence and produce them for verification by the authorities in case of need. the scheme will be reviewed based on authenticity/ bona fide use thereof.
