Rigid RBI rules driving people to abort weddings
The irrational conditions imposed by the Reserve Bank of India (RBI) on cash withdrawals to the tune of Rs 2.5 lakh towards meeting marriage expenses has been so abysmally callous that weddings are getting called-off at the eleventh hour!
Hyderabad: The irrational conditions imposed by the Reserve Bank of India (RBI) on cash withdrawals to the tune of Rs 2.5 lakh towards meeting marriage expenses has been so abysmally callous that weddings are getting called-off at the eleventh hour!
Apart from heartburn, it has led to loss of face for the families of the brides and grooms. An eight-month-long engagement was called off in New Delhi on Wednesday, two days before the wedding.
“The groom's family was demanding a high-end car, diamond jewellery and cash. We couldn’t raise enough cash to fulfill their demands owing to the notes-ban and they called-off the marriage,” lamented Tilak Raj Singh, an uncle of the bride.
The distressed woman’s father, a businessman in Delhi, could manage to raise only Rs 2.5 lakh due to the restraints following the demonetisation of Rs 500 and Rs 1,000 bank notes.
The Reserve Bank of India (RBI) on Monday imposed stiff and overly rigid conditions for availing of the Rs 2.5 lakh withdrawal facility.
There are riders one too many-withdrawals are permitted only from accounts that fully KYC compliant; money has been linked to the ‘borrower’s credit balance in his account as of November 8, when demonetisation was announced and the mandate that date of marriage was on or before December 30 of this year.
The notification says that withdrawals could only be made by either of the parents or the person getting married.
Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it had to be established that the end receiver did have a bank account. This has to be complied with a declaration from such persons that they do not have a bank account.
The invitation card, copies of receipts for advance payments for marriage halls, caterers have to be attached to establish credibility and the genuineness.
It is so very preposterous that following the guidelines are near impossible as the local vendors carry out almost 90 per cent of their dealings in cash, rue parents.
The bank managers feel that making them responsible for any lapse on the part of the families performing the marriages was not a correct step. “Why should we suffer for some one’s mistake,” wondered a senior bank manager from the city.
Before one draws unsavory conclusions here is a point of interest. The rule does not apply only to bank customers. Even bank officials are caught in the vicious circle, so to say.
A branch manager, whose son is getting married in the first week of December, said that the new guidelines have pushed the families of the brides into greater trouble.
“It is not correct to ask for undertakings from florists or some other small-time suppliers. Being semi-literate, they do not have bank accounts, in the first place.
Asking for tentative expense details is ill-advised and wrongfully conceived,” he said in a matter-of-fact tone.
He said as bank managers they are willing to help customers to the extent possible but the rules are so tough that they are rendered helpless.
The government ought to remember that most of the marriage-related transactions are done in cash only, he added.
As a veteran, vexed with the tough task ahead, pointed out that he would not be surprised if people, who become disgruntled because of the conditions laid down by the RBI, may as well contemplate taking up ‘sanyas’.
Exaggeration it may be at the moment, but that is not far from truth, if one goes by the moods emanating from houses where weddings are round the corner.
