RBI eases conditions for withdrawal of Rs 2.5 lakh for purpose of wedding

Zee Media Bureau

New Delhi: In a major relief for those withdrawing cash for the purpose fo wedding, the Reserve Bank of India has on Tuesday eased conditions for such withdrawal up to Rs 2.5 lakh.

Under new conditions, detailed list of people to whom cash withdrawn is to be paid, with declaration that they don't have bank account for payment of Rs 10000 or more is to be submitted, the RBI stated.

The earlier rule which was released by the RBI on Monday stated that since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.

The new condition by the Reserve Bank also states that the list should indicate the purpose for which the proposed payments are being made.