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IT Department Recommends Guidelines for Verifying any Suspicious Bank Accounts

IT Department Recommends Guidelines for Verifying any Suspicious Bank Accounts

IT Department Recommends Guidelines for Verifying any Suspicious Bank Accounts

  

After demonetisation, the banks have been told to levy charges on any cash transactions going over a specific limit. Additionally, RBI has made it compulsory to scrutinise cash transactions which are unusual as several malpractices were observed when people did cash deposits of Rs.500 and Rs.1,000 notes during demonetisation.

Recently, the Finance Ministry passed a circular explaining the standard operating procedure (SOP) for evaluation of officers, while handling such cases. There are specific scenarios in which a verification warrant could be released for your transaction:

1. Who can be scrutinised?

A scrutiny can happen in many scenarios. Some of them are mentioned below:

Cash deposited from previous income or savings

  • People who deposit cash over Rs.2.5 lakh or senior citizens depositing cash over Rs.5 lakh could come under a scrutiny. Any amount that is within the stated limit would not be scrutinised as long as that the money is from cash withdrawals, household savings, previous income, etc.
  • In case of individuals who do not have business income or deposits over the specified limits would be authenticated by the assessing officers (AO). Enterprises whose books of accounts reflect total savings that are above the closing cash balance as of 31 March 2016 (AY 2016-17) would surely be scrutinised.
  • Bank accounts that are doubted of being exploited for money laundering or evading tax or entry operations in shell companies would have to go through a complete investigation.


  

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