Income Declaration Scheme, 2016 - Acceptance of Cash Over the Counter- (Reserve Bank of India) (08 Sep 2016)

MANU/RMIC/0165/2016

Banking

Vide Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, banks have been advised to ensure that their branches invariably accept cash from all their customers who desire to deposit cash at the counters. Further, they were also advised to refrain from incorporating clauses, in the terms and conditions, which restrict deposit of cash over the counters.

Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash. In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Scheme, with them, for credit to Government account.

Banks must invariably accept cash, irrespective of amount, over the counters from all declarants who desire to deposit cash at the counters, including deposits under the above Scheme through challan ITNS- 286. In this connection, banks shall comply with the Know Your Customer requirements for customers and walk-in customers as contained in Master Direction.

Tags : SCHEME CASH ACCEPTANCE COUNTER