Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016 Furnish PAN Number To Bank By Feb 28, 2017 - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016 Furnish PAN Number To Bank By Feb 28, 2017

 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.

Cash Deposit & Withdrawal April 4, 2016 TO November 8, 2016 Furnish PAN Number To Bank By Feb 28, 2017 Reviewed by S. Chitra on January 08, 2017 Rating: 5   Cash Deposit & Withdrawal   April 4, 2016 TO November 8, 2016  Furnish PAN Number To Bank By Feb 28, 2017 Mr. Narendra Modi gov...

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