Hai Asha Kurian,
We do have a law preventing dowry. Only thing is that, we (the general public) are not ready to follow it by "not giving/demanding dowry".
Then comes the social status. By offering a huge dowry, which is not possible for them, (at least the parents who cannot find a source to pay that much), had never gained a "so called status" in the society.
Rather most of them had to give up their little property for the marriage, and the family had to take shelter in some rented house. Is this the "status" they are gaining by spending such a huge amount?
This is something called as vanity.
The reality is that, most parents want their daughters to live long happily. For that they are getting ready to loose everything they had. Because they do not like to hear the news of a cylinder blast or such other tragic incident happen to their daughters.
There is only one remedy to this evil effect. The law should be obeyed by all. If such incident happened, the culprits should never permit to escape.
And of course, we should not be greedy. Thank God the prenatal sexing is banned by law. Otherwise the female population would have gone down drastically