Cash depositing more than 2 lakhs in one time

[SHAAN NISHA]

HI EVERYONE,

                                IF ANY CUSTOMER DEPOSIT IN MY BANK ACCOUNT MORE THAN 2 lAKH RUPEES IN CASH IN MY BANK ACCOUNT THAN WHAT WE SHOULD DO ? WE RETURN THE CASH TO CUSTOMER BY CHAQUE OR TO INCOME TAX DEPARTMENT OR WE NEED TO PAY PENALTY OR WE CAN PROVE IN ANY OTHER WAY?

AI Summary

Guidance on Handling Cash Deposits Over 2 Lakh: Verify Depositor Details, Report Fraud, and Consider Legal Action. A user inquired about the procedure to follow when a customer deposits more than 2 lakh rupees in cash into their bank account, questioning whether to return the cash, report to the income tax department, pay a penalty, or find another solution. A respondent advised making an inquiry with the bank to obtain details about the depositor, suggesting that if the deposit involves fraudulent activity, a complaint should be filed with the police.