New RBI guidelines on Rs 2.5 lakh withdrawal: Better to cancel wedding and remain bachelor for ‘country’

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It seems a clueless Narendra Modi government has spectacularly lost the plot on the planning and execution of demonetisation of old Rs 500 and Rs 1,000 notes. If one ever needed to find a suitable example to illustrate just how directionless this government has been on its ability to grasp anything related to the country’s finance, there can be no better case study than Monday’s RBI circular.

On Monday, almost a week after the Modi government announced ‘concessions’ for families with imminent weddings, allowing them to withdraw Rs 2.5 lakh from their own accounts that has their own legal money earned through sheer hard work. However, complaints poured in from up and down the country alleging that the bankers had simply refused to implement the government’s announcement. The banks in their defense said they never received any such notification.

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RBI guidelines
Photo courtesy; ndtv

The Monday’s RBI guidelines were meant to have provided the much-needed respite to visibly exasperated families, currently in desperate need for money to execute their planned weddings. However, going by the number of criterion stated in the notification, it seems most families will prefer cancelling their weddings.

The RBI guidelines (see below) state that only the parents or the bride or bridegroom will be eligible to withdraw Rs 2.5 lakh. And we are not even discussing the feasibility of organising a wedding with this money in this day an age.

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To be eligible to legally get hold of your own money, you will also need to establish that the phoolwallas, tent wallahs, bawarchis, band wallahs etc have no bank accounts.

Assuming that you’ve actually gone ahead to contact all the stakeholders highlighted by the RBI primarily to compile the required list, there’s no guarantee that YOUR bank will give you YOUR cash when YOU need it the most.

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That’s because, according to the guidelines, ‘the scheme will be reviewed based on authenticity/bona fide use thereof.

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What an advertisement for promoting banking system globally. This is unheard of anywhere in the world.

It’s almost impossible to think of a situation in independent India during peace time, when a citizen was made to toil to get hold of their own money. And we are not talking about the 60 plus people, who succumbed to stress coupled with humiliation.

This is the right time for Indians to emulate our prime minister, who sacrificed his ‘family and everything’ for the country. If he can, so can you. Stop moaning and stay bachelor!

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