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Ban on High Denomination Currency and Income-tax Act

News and Press Release - Dated:- 9-11-2016 - As the Government has declared that currency notes of ₹ 500 and ₹ 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any b .....

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new ones is set at ₹ 4,000. However, there is no such limit for depositing the old notes into bank or post office account. In other words, a person can deposit the old notes into his bank or post office account without any limit. Various provi .....

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mandatory if a person wants to deposit cash of more than ₹ 50,000 into his bank account during any one day. Hence, a person who doesn t have PAN won t be able to deposit cash of more than ₹ 50,000 into his account. 2. Furnishing of inform .....

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eturn ) to Income-tax department in respect of cash deposit made by a person aggregating to ₹ 10 lakh or more in a financial year, in his one or more accounts. The limit is ₹ 50 lakh in case of current account. Hence, Banks or post office .....

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