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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 branch of a bank or post office. Citizens will have a time limit of 50 days (till 30 December, 2016) to either replace the old notes with new ones or deposit the same into their bank or post office accounts. The limit for exchanging the old notes with .....

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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 information by Bank / Post office to Income-tax Department As per section 285BA of the Income-tax Act, 1961, every bank or post office is required to furnish a statement of financial transaction or reportable account (commonly known as Annual Information r .....

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