cash deposits - Electronic Gurudev

Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The new charges would apply to savings as well as salary accounts effective from Wednesday, leading private sector player HDFC Bank said in a circular. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective from Wednesday, the circular added. In case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards. ...

The Income Tax department has identified 18 lakh people who have made ‘suspicious’ cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds. These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action. The department today launched ‘Operation Clean Money’ project under which CBDT, with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income. “Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then...

Tag: cash deposits

HDFC, ICICI, Axis bank to start charging Rs 150 for cash transactions

Operation ‘Clean Money’: begins; 18 lakh people to get IT notice if deposits don’t match income