Marginal relief for wedding; banks to provide funds to co-ops

November 22, 2016 22:06

In a marginal relief to wedding families, the RBI today relaxed one of several conditions for withdrawal of Rs 2.5 lakh from their own accounts by making declaration for payments beyond Rs 10,000 only.

Earlier, the drawee had to declare all payments he had to make out of the Rs 2.5 lakh withdrawal from the account.

Also, the RBI asked banks to ensure adequate funds are provided to rural cooperative banks for disbursal to farmers so that they can have enough valid notes for purchase of seeds, fertiliser and other inputs during the ongoing rabi season.

Parallelly, RBI doubled the limit to Rs 20,000 for semi-close pre-paid instruments with a view to meeting the transactional needs of the public through digital means.

"A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is Rs 10,000 or more. The list should indicate the purpose for which the proposed payments are being made," RBI said in a notification.

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