Sunday 05 / May / 2024
New Delhi: Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs250,000 from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses.
Four days after the government announced special dispensation for meeting wedding expenses, RBI on Monday issued detailed operating guidelines for banks for dealing with such requests.
Withdrawals will be allowed only from balance available before November 8 decision of the government to demonetise Rs500 and Rs1,000 currency notes and the same can be done only for marriages solemnised on or before December 30.
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list persons to whom payments will be made out of the funds.
The special dispensation was given to ease the cash crunch faced during the ongoing wedding season due to imposition of cash withdrawal restrictions on all bank accounts in the aftermath of the demonetisation decision.
Restrictions were placed as banks are grappling with cash shortage.
"Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw)," the notification said.
Further, there should be "a detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.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". RBI also said banks should encourage families to incur wedding expenses through non-cash means through cheques or drafts, credit or debit cards, pre-paid cards, mobile transfers, Internet banking channels, NEFT/RTGS and the like.
"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," RBI told banks.
Banks have been asked to 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 or bona fide use thereof, RBI added.
Meanwhile, a septuagenarian on Monday allegedly committed suicide anxious over the fate of his hard earned money in a service cooperative bank near Erumely in the district.
Police said Pambavali Theruvanparambil Omanakkuttan Pillai (73) was found hanging in his house.
They said Pillai had Rs500,000 in the Kanamala Service Cooperative Bank. He was allegedly distressed after wide propaganda in the area that the money deposited in cooperative banks was not safe in the wake of the government's demonetisation drive.
This was reportedly the reason why he took the extreme step, police said.
In a rare show of unity, 10 major opposition parties came together and resolved to corner the government on demonetisation within and outside Parliament even as Congress leader Rahul Gandhi alleged banks were giving cash to a few "through the back door" while the poor were made to stand in queues.
Finding a common ground on demonetisation which has caused hardship to people, leaders of Congress, Trinamool Congress, JD(U), BSP, CPI(M), CPI, NCP, RJD, JMM and DMK held a meeting in the national capital this morning to forge a common plan of action with an aim of mounting attack on the government.
Leaders of these parties will hold such strategy sessions every morning before Parliament assembles during the ongoing Winter session, sources said.
It was decided that MPs of these 10 parties will stage a sit-in near Mahatma Gandhi's statue in the Parliament complex on Wednesday. This will be followed by a march to Rashtrapati Bhawan, date for which is being worked out, the sources said.
Congress vice president Rahul Gandhi, who visited several ATMs this morning and interacted with people, claimed he was told that cash was being taken out surreptitiously from the back door in the banks for a few "selected people" while there were long queues of common people waiting outside for hours.
West Bengal Chief Minister Mamata Banerjee alleged the prime minister was threatening parties raising voice against demonetisation and said she will hit the Delhi streets tomorrow to protest against the government action.
Chaos and rush at banks eased but the situation did not quite improve at ATMs as people were still seen waiting in long queues to withdraw valid currency notes.
As banks opened after a day's break on Monday, people rushed to exchange old defunct bills or withdraw cash.
On the 12th day of demonetisation on Monday, people still have to stand in queues for hours at ATMs as most of the cash vending machines are either dysfunctional or running out of cash due to huge rush.
