APEX BANK CONDITIONS
Along with wedding card copies of receipts for advance payments will have to be furnished
BANKERS' LIMITATION
A bank manager will have to go by corroborative evidence to see if receipts are genuine or not
ONUS ON THE PEOPLE
It is for the people to furnish only genuine documents to use withdrawal limit for weddings
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For starters, RBI says that this limit should be utilised to pay in cash to those people who don’t have a bank account. Moreover, those people will have to give a declaration, wherein amount proposed to be paid is Rs 10,000 or more, saying that they indeed don’t have a bank account and therefore can be paid in cash only.
A manager of a bank in Panaji said, “We are not in position to check if a certain person has a bank account or not. Therefore, it is the responsibility of people giving such an undertaking to make sure that they tell us the truth.”
He continued, “Even Income-Tax department can ask these people to prove the authenticity of documents. And they will be in trouble if documents they have produced are fake.”
The RBI also said that along with a wedding card, people will also have to give copies of receipts for advance payments already made for marriage hall or to a caterer in order to withdraw upto Rs 2.5 lakh from their bank account.
But, often fake receipts are issued which don’t have a legal standing. A chartered accountant from Panaji said, “A bank manager will have to go by corroborative evidence to see if receipts are genuine or not. But, it is the ultimate responsibility of the people to ensure that such receipts are genuine.”
Another chartered accountant said, “This scheme, howsoever well-intentioned it may be, puts a lot of pressure on bankers to see if the documents being produced are genuine or not.”
The bankers will do their best to ensure that documents are authentic. But, in the absence of a thorough system to do that, it is for the people to furnish only genuine documents to use this withdrawal limit.
