**Summary:**
RBI Circular RBI201617149 DCM Plg No.134610.27.00201617, issued November 22, 2016, modifies existing instructions regarding cash withdrawals related to weddings, specifically in light of the withdrawal of legal tender status for existing 500 and 1000 Specified Bank Notes (SBNs). The circular pertains to Public Sector Banks, Private Sector Banks, Foreign Banks, Regional Rural Banks, Urban Cooperative Banks, and State Cooperative Banks. This modification, which revises paragraph 2 vi c of circular DCM Plg No.132010.27.00201617 dated November 21, 2016, stipulates that for cash withdrawals where payments of ₹10,000 or more are intended for individuals without bank accounts, a detailed list of recipients must be provided. This list must include a declaration from each recipient confirming the absence of a bank account and specify the purpose for which the proposed payment is being made. P Vijaya Kumar, Chief General Manager, is the point of contact.
Key Entities Referenced
Reserve Bank of India: The central bank of India, often referred to as RBI. This document is issued by RBI.
Public Sector Banks: Banks in India with majority government stake. Addressed in the notification.
Private Sector Banks: Banks in India that are privately owned. Addressed in the notification.
Foreign Banks: Banks with headquarters outside India but operating within India. Addressed in the notification.
Regional Rural Banks: Regional Rural Banks in India. Addressed in the notification.
Urban Cooperative Banks: Urban Cooperative Banks in India. Addressed in the notification.
State Cooperative Banks: State Cooperative Banks in India. Addressed in the notification.
Specified Bank Notes: Refers to the 500 and 1000 Indian Rupee notes that were demonetized. Also referred to as SBNs.
RBI/2016-17/149
DCM (Plg) No.1346/10.27.00/2016-17 November 22, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks.
Dear Sir,
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified
Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding –
Modification
Please refer to the circular DCM (Plg) No.1320/10.27.00/2016-17 dated November
21, 2016. It has been decided to modify the instructions contained in paragraph 2 vi
(c) of the aforesaid circular, as under:
A detailed list of persons to whom the cash withdrawn is proposed to be paid,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 ` 10,000/- or more. The list
should indicate the purpose for which the proposed payments are being
made.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager