I don't think it's informal at all, in fact, it's 'in' at the moment.
It's what my cousin (the groom!) wore on his wedding (2months ago). You'll see the same style with some of the 'expensive' shirwani's out at the moment.
Go for it EG, you'll look nyum either way.
It's good to be different. Soon enough, everyone will be jumping on the rickshaw -it's Asian timing to be late with everything, even catching on to trends.
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