India cash ban slims down big fat weddingsNew Delhi, India- Jatin Pal's wedding was just days away and his family were finalising plans for an extravagant multi-day celebration -- then Indian Prime Minister Narendra Modi banned high denomination notes overnight, casting a dark shadow over the festivities. Life savings are ploughed into weddings in India, with a typical urban family spending up to $75,000 on celebrations, according to an estimate by Goldman Sachs. Almost 50 percent of gold sales in India are linked to weddings, according to the World Gold Council, with most purchases made in cash. The government has put temporary restrictions on the amount of cash people can exchange or withdraw in an attempt to wean the country off cash and bring more into the formal -- and taxable -- banking sector. Following outrage from families planning weddings, the government allowed a special one-time withdrawal of 250,000 rupees per wedding party to help cover costs -- small fry for an Indian wedding.

Source: The China Post December 01, 2016 00:00 UTC