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In yet another measure related to the recent demonetisation, the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit 61 bills. Banks to report to I-T on deposits over Rs 10 lakh a year. In a January 17 notification, the Central Board of Direct Taxes CBDT made it mandatory for a banking company or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts other than a current account and time deposit of a person.

Detailing the cash transactions which need to be reported to the authorities, the notification listed " cash deposits during the period November 9, to December 30, aggregating to Rs Besides, cash deposits during April 1,to November 9, in any account that are reportable should also be intimated to the the tax authorities by January 31,the forex cash card 16 17 said.

Prime Minister Narendra Modi had on November 8 announced demonetisation of Rs 1, and Rs notes, saying the move was needed to eliminate black money, counterfeit notes and terror financing. Citizens were given time until December 30,to deposit the demonetised currency in banks. On November 16, the CBDT had asked banks and post offices to report all deposits above Rs 2. It had notified that commercial banks, co-operative banks forex cash card 16 17 post offices will have to report any cash deposits exceeding Rs 50, in a single day, or aggregating to more than Rs 2.

Banks and post offices frex notified to file a relevant statement of financial transaction on or before January 31, By the January 17 notification, the CBDT has also made it mandatory for a banking company or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts other than a current account and time deposit of forex cash card 16 17 person. Cash payments of Rs 1 lakh or more will also be reported. Payments of an amount aggregating to Rs one lakh or more in cash, along with payments of Rs 10 lakh or more made by any mode including cheque or wire transfertowards settling credit card dues in a year will also have to reported.

FOREX aggregating to Rs 10 lakh or more will also be reported. Purchase of foreign exchange, including travellers cheque and forex card, aggregating to Rs 10 lakh or more would also need to be reported. Property sales for over Rs 30 lakh needs to be reported to taxmen too. Moreover, the Property Registrar will have to report sale or purchase by any person of immovable property for an amount of Rs 30 lakh or more to tax authorities, the notification said.

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Banks to report cash ccard, credit card bills of Rs 1 lakh to I-T. CBDT has also set up anE -platform for the purpose of effecting such reporting. Type address separated by commas. Amid cash crunch, Domino's offers cashless payment for home deliveries. Demonetisation: Cash against debit swipe takes off forsx petrol pumps.

RuPay card usage jumps pc in 1st week of demonetisation. Banks to report cash payment of Rs 1 lakh on crad card bills to I-T Dept. Read our full coverage on Demonetisation. Credit Card Deposits Cash Government Cxrd Payments Demonetisation. Indian Oil Corporation Ltd. St Bk of India. Upgrade To Premium Services. Important Notification Your subscription - access to premium content foerx expired. Kindly click here to renew. Send me a copy:.




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