WorldNEW DELHI, REUTERS -India may soon relax conditions for cash withdrawals for weddings, a top government official said on Tuesday, the day after the central bank issued rules for such bank transactions widely criticised as unworkable. Families, rich and poor, go to huge lengths to celebrate weddings in India. Under rules set by the Reserve Bank of India (RBI), cash withdrawals up to 250,000 rupees ($3,700) are permitted only for payments to those holding weddings who have no bank account. Banks received 5.4 trillion rupees ($79 billion) in deposits from Nov. 10-18, or nearly a third of the cash in circulation in India, while only around 1 trillion rupees was withdrawn. Finance Minister Arun Jaitley expects extra deposits in banks to push down interest rates, ease the flow of credit and boost private investments.

Source: Sunday Times November 23, 2016 12:12 UTC