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IT dept asks banks to report pre-note ban cash deposits
Posted on: 09/Jan/2017 11:28:13 AM
The Income Department has asked all the banks to submit the details of deposits made between 1st April and 9th November. Following the demonetization move effective November 9, the tax department had earlier asked banks and post offices to report to it all deposits above Rs 2.5 lakh in savings accounts and more than Rs 12.50 lakh in current accounts made between November 10-December 30, 2016.
With an estimated about Rs 15 lakh crore in scrapped currency notes coming back into the banking system post demonetization, the tax department has started analyzing the bank deposit trends.
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