You are good Tax payer or not. It doesn’t matter if you are under this following Conditions:
You are under the eye of RBI
If having a saving account released your tension regarding withdrawal limit of your account, this should not have been an issue as there is no problem with withdrawals but don’t deposit the cash more than 10 lakh. Along with that there are so many things you have to remember like don’t cross your Demand Draft limit more than 10 lakh as well as fixed deposit of the person. It shouldn’t be above than 10 lakh in a financial year. If you cross these limits the statement of your account will be given to RBI.
The person holding a current account need not to worry as the limit of cash deposit is 50 lakh as well as withdrawal in a financial year. All you need to know about receipt from a person of an aggregating to 10 lakh or more in a financial year for acquiring bonds and shares issued by the company. Receipt of cash payment exceeding 2 lakh for sale by any person, of goods or service of any nature.
Dear, Credit Card holder don’t clear your bills more than 1 lakh in cash & 10 lakh or more by any other method. If you do that the details of your account will be given to the Reserve Bank of India.
Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to
- 12.5 lakh or more, in one or more current account of a person
- 2.5 lakh or more, in one or more saving account of a person