Closing its eyes on 500 Crore wedding, the RBI issues guidelines to the common man in India

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Perhaps this happens only in India. The common man is always at the receiving end. All the rules and regulations are made for the common man while the Politicians, Bureaucrats and Business tycoons in India enjoys all the privileges. This is not the new story, but being told to us from the childhood, that all the obligations of following the rules and regulations are on a common man. Today a middle-class person cannot afford to get their children married with his entire lifetime savings due to the guidelines laid down by the RBI but in this country, a business tycoon can spend whooping Rs. 500 crore on the wedding function of his daughter.

The demonetization came as a big bang to a common man from a middle class. According to the reports, now the couple looking to get hitched and fretting over the massive wedding expenses without a penny in their hand can heave a sign of relief provided the wedding is before the 30th December.

Presently the limit imposed on the withdrawal for weddings is only 2.5 lakh rupees and that too only one person will be allowed to withdraw money for the wedding as long as the couple proves that the service providers being paid does not possess a bank account, claimed the sources.        

“With a view to enabling members of the public to perform and celebrate weddings of their wards it has been decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding related expenses. Yet, banks should encourage families to incur wedding expenses through non-cash means,” Reserve Bank of India chief general manager Vijaya Kumar said.

According to the sources, the RBI (Reserve Bank of India) has issued a notification to the banks on Monday. The notification instructs the bankers to strictly follow the guidelines set by RBI while making the disbursement of the funds to the individuals for the wedding purposes. The notification states that an individual can withdraw the stipulated amount out of the balance seen in the account as on November 8. This means that if an individual had less than 2.5 lakh on November 8, the person would not be able to withdraw 2.5 lakh even if additional funds had been deposited after the demonetization drive which was announced by Prime Minister Narendra Modi.

According to the above  guidelines only if you had the balance in your account prior to the Modi Ji’s demonetisation announcement you will be able to  withdraw 2.5 Lakh otherwise even god cannot help you. This is perhaps the most stringent rule laid down on the common man by the government. Now regardless of whether you had 2.5 lakh before the 9th November does not really matters as it really looks highly impossible to have a decent wedding ceremony in that small amount in today’s growing inflation rate. So the best option would be getting married in the court and letting the reception go. Would you like to share your comments or suggestions?

NEWS SOURCE | IMAGE SOURCE

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