Withdrawal for Marriage Max. Rs Limit 2.5 Lakh : Govt Notification

By | November 18, 2016
(Last Updated On: January 22, 2017)

Withdrawal for Marriage

cash Withdrawal for Marriage

Salient Features of Cash Withdrawal for Marriage  From Bank account

  • For wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India. ( As per below Notification of Govt of India dated 18.11.2016 )
  • As per Govt of India Press release dated 17.11.2016 : While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts.
  • A maximum of ₹ 250000/- is allowed to be withdrawn from the bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016.
  • The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
  • These accounts from which cash is allowed to be withdrawn for marriage have to be necessarily KYC compliant
  • The amounts can be drawn only by either of the parents or the person getting married.Only one of them will be permitted to draw this amount.
  • This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family.
  • The person drawing such amount for marriage  has to furnish the PAN details.
  • Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.
  • A self-declaration will have to be submitted by the person to the effect that only one person from his/her family is drawing the amount for Marriage from Bank.
  • As per RBI Notification dated 21.11.2016 ,the application for cash withdrawal for marriage / wedding shall be accompanied by following documents:
    1. An application as per Annex
    2. 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.
    3. *A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.

[ * : RBI modified above condition on 22.11.2016 prior to this condition was ” 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”]

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 18th November, 2016

S.O. 3488(E).— In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—

1. In the said notification, in paragraph 2, after clause (ix), the following clauses shall be inserted, namely:—

“(x) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India;

(xi) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India.”.

[F. No. 10/03/2016-Cy.I]

Dr. SAURABH GARG, Jt. Secy

Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3407(E) dated the 8th November, 2016 and subsequently corrected vide notification number S.O. 3418 (E) dated the 9th November, 2016 and amended vide S.O. 3446(E) dated the 13th November, 2016, S.O. 3449 (E) dated the 14th November, 2016 and S.O. 3479 (E) dated the 17th November, 2016.


MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 17th November, 2016

S.O. 3480(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3408(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—

1. In the said notification, in paragraph 1, after clause (q), the following clauses shall be inserted, namely :—

“(r) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India;

(s) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India.”.

[F. No. 10/03/2016-Cy.I]

Dr. SAURABH GARG, Jt. Secy.

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3408(E) dated the 8th November, 2016 and subsequently amended vide notification numberS.O. 3416(E) dated the 9th November, 2016, S.O. 3429(E) dated the 10th November, 2016, S.O. 3445 (E) dated the 11th November, 2016, S.O. 3447 (E) dated the 13th November, 2016 and S.O. 3448(E) dated 14.11.2016.


Related Post Cash Withdrawal for Marriage allowed Rs 2.5 Lakh : Govt Press Release


MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 14th November, 2016

S.O. 3448(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3408(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—

1. In the said notification, in paragraphs 1 and 2, for the words, figures and letters “the 14th November, 2016”, occurring at both places, the words, figures and letters “the 24th November, 2016” shall be substituted.

[F. No. 10/03/2016-Cy.I]

Dr. SAURABH GARG, Jt. Secy.

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 3408(E) dated the 8th November, 2016 and subsequently amended vide notification number S.O. 3416(E) dated the 9th November, 2016, S.O. 3445 (E) dated the 11th November, 2016 and S.O. 3447 (E) dated the 13th November, 2016.


MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 11th November, 2016

S.O. 3445(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs number S.O. 3408(E) dated the 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016, namely:—

1. In the said notification, in paragraphs 1 and 2, for the words, figures and letters “the 11th November, 2016” occurring at both places, the words, figures and letters “the 14th November, 2016” shall be substituted.

2. In the said notification, in paragraph 1,—

(i) in clause (c), after the word “Governments”, the words “and the customers shall provide their identity proof” shall be inserted;

(ii) clause (j) shall be omitted;

(iii) in clause (p), after the word “electricity”, the words “which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed” shall be inserted;

(iv) after clause (p), the following clause shall be inserted, namely:—

“(q) for payments towards court fees.”.

3. In the said notification, after paragraph 2, the following paragraph shall be inserted, namely:—

“3. The Reserve Bank of India shall issue guidelines for exchange of specified bank notes in Nepal and Bhutan.”.

[F. No. 10/03/2016-Cy. I]

Dr. SAURABH GARG, Jt. Secy.

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification under S.O. 3408(E) dated the 8th November, 2016 and subsequently amended vide notification numbers S.O. 3416(E) dated the 9th November, 2016 and S.O. 3429(E) dated the 10th November, 2016.


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