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of <h1>New Rules: Banks to Report Cash Deposits Over Rs. 50,000 in a Day or Rs. 2,50,000 Total (Nov-Dec 2016.</h1> The Income-tax (30th Amendment) Rules, 2016, issued by the Central Board of Direct Taxes, specify limits for cash deposits without a PAN and direct banks to report cash deposits exceeding certain amounts between November 9, 2016, and December 30, 2016. Cash deposits over Rs. 50,000 in a day or aggregating over Rs. 2,50,000 during the specified period must be reported. For current accounts, deposits aggregating Rs. 12,50,000 or more, and for other accounts, deposits aggregating Rs. 2,50,000 or more, must be reported by banks and the Post Office. The financial transaction statements for these must be submitted by January 31, 2017.
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