Bank updates regarding old currency notes exchange and financial planning Information
Financial Advice
1. Do not deposit cash more than Rs. 2 Lakhs
at one time & 10 Lakhs cash in a year (1.4.16 to 31.3.17) in saving bank
account. To avoid Income tax department Notice.
2. Till 30th December no limit for depositing
cash in bank so people may do a mistake.
3. Pan card must for depositing Rs.50000 /-
and more.
4. Do not panic and rush to the banks or post
office for depositing the old notes. You are monitored.
5. Understand the impact. When you go
to the bank for depositing the same you first check that whether you have cash
balance in your books or not.
6. Any unexplained cash deposit attracts tax
@30%, interest & penalty.
7. Black money can be used to buy Gold,
property & other inherent nature assets.
8. People may take entries to convert black
into white. Understand its future impact before doing so.
9. Update yours books of accounts immediately
to know cash position.
10. Banks sends the reports regarding annual and
financial transactions of each customers to the Rbi and Income tax.
OLD Notes Exchange -Updates
Last date for old
notes acceptance at the Hospitals, Petrol bunks, Ticket counters of Air and
Rail etc., 24-11-2016 otherwise govt extends the date.
Bank remains work
for exchange of old notes up to 31st December 2016. New rule come out that bank
branches will exchange currency notes for the own accounts holders of branch.
NOTE: This information only for education and
knowledge purpose only. Information contains in the article does not involve
any Legal and civil proceedings.
