LocalCircles Citizen Request Accepted
Yesterday, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016.
As per a notification, the banks, co-operative banks and post offices will have to report to the tax department all cash deposits between 1 April to 9 November, 2016—the day when the demonetisation was effected by junking old Rs500 and Rs 1,000 notes.
We hope that where large deposits are observed, withdrawals would also be studied as some may have used their bank account to convert the currency into 100 rupee notes. If you have additional inputs on this matter, please do share.
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