Legal Question in Banking Law in India
If a person has to deposit cash of about 10lac in his account.
If a person has to deposit cash of about 10lac in his account, proof of incom will be asked or not? One more thing if he is paying the income tax on that amount then source of income will be asked or not?
3 Answers from Attorneys
Re: If a person has to deposit cash of about 10lac in his account.
Bank won't be concerned about the source of cash deposited by you in your account. But will report to RBI under the Money Laundering legislation. No Bank would ask for proof of income. They would have completed Know Your Customer norms when opening the account. If per chance, it asks for it, answer it honestly.
Re: If a person has to deposit cash of about 10lac in his account.
Consult a CA or Tax Advocate/Consultant or the Bank.
Re: If a person has to deposit cash of about 10lac in his account.
please ask the bank itself .. this is not the question of law
Related Questions & Answers
-
Banking law i issued chqto individual person for rs 100000.00. the same was... Asked 6/26/08, 11:23 am in India Banking Law
-
Banking law myself issued chq to individual they presented to bank after 180 days.... Asked 6/26/08, 11:17 am in India Banking Law
-
Bank law myself issued chq to individual they presented to bank after 180 days.... Asked 6/26/08, 11:15 am in India Banking Law
-
Chq bounce under 138 section myself issued chq to individual they presented to bank... Asked 6/26/08, 11:10 am in India Banking Law
-
Cheque Return Is cheque can be return with more than one reason by bank? Asked 6/26/08, 1:45 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
