Legal Question in Banking Law in India

I am using a limit of Rs 3.5 Lakhs in my salary cum secured overdraft account. I have been frequently withdrawing and depositing cash to reduce my outstanding balance. The transactions are questioned as unusual. What source of income to be established to justify the cash transactions/receipts.


Asked on 3/19/14, 10:44 am

2 Answers from Attorneys
anuradha Dixit +9312411481 dixitlawfirm

repeat question already replied to.

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Answered on 3/21/14, 9:41 am
Fca Prashant Chavan Expert Edge LLP

21.03.2014

Dear Sir / Madam,

You can keep on withdrawing funds and depositing cash into the overdraft a/c. Ensure that you mention your PAN Card No, whilst withdrawing or depositing cash in excess of Rs. 50,000/- per transaction.

Regards,

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Answered on 3/21/14, 10:26 am


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