Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016
Furnish PAN Number To Bank By Feb 28, 2017
Mr. Narendra Modi government has taken various steps to unearth Black money
including demonetisation of Rs. 500 and
Rs. 1,000 Notes.
The public peolpe has deposited about 97% of the demonetised notes back into the
system. It is beyond any doubt that
money deposited back into banks is not all white.
Out of this money few
persons will declare amount under new black money declaration scheme but scheme
will be sucessful only if pursued.
Now it is a Huge task for Govt agencies to find out the Black
Money from money deposited by Black sheep.
Quoting of PAN or giving Form 60 in case of specified
cash transactions exceeding Rs. 50,000 is already compulsory. The notification
also makes it mandatory for all those (bank/post office officials, hotel or
restaurants etc as per Rule 114B) receiving PAN / Form 60 for such transactions
to maintain records and provide the same to the income tax authorities as per
income tax rules.
Earlier CBDT has directed vide notification dated 15- 11 - 2016 the Bank / Post office to report
cash deposited during the 9 – 11 - 2016 to 30 – 12 - 2016 in current account Rs.
12.50 lac or more and in other accounts including
savings account Rs. 2.5 lac or more .
In order to gather more information and to facilitate the
agencies Ministry of Finance(CBDT) has further issued a Notification no 2 dated
06- 01- 2017.
Major Highlights of the Notification.
* All Bank and
post office account saving and other accounts holder have to submit their PAN
in bank / Post office if not already submitted at the time of opening of
account or / at the later stage by 28 -02 -2017. If Account holder does not
have the PAN then he can submit form 60.
* If you have a
Basic Saving Bank Deposit Account in bank then above clause is not applicable.
* Cash deposited and cash withdrawal from 01- 04 - 2016
to 08 -11 - 2016 also asked from Banks /post office for those accounts in which
aggregate cash deposited during 09 – 11 -2016 to 30- 12 -2016 is more than Rs.
12.5 lac in current accounts and Rs 2.5 lac (other account). Last date to submit the report 15 -01 -2017.
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