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RBI Cracks Down On Deposits Exceeding Rs 2 Lakh, Check Out The New Details

Ever since the demonetization have been announced, there were many twists and new schemes that are introduced by the government. Earlier, the government had announced that people can deposit Rs 2.5 lakhs in their bank accounts and they won’t be questioned.

However, tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) on Friday announced that those who deposited over Rs 2 lakh after November 9 without Permanent Account Number (PAN) will not be able to operate their respective bank accounts.

Yes, if the deposits that are made after the 9th of November exceed Rs 2 lakhs and if the PAN card number isn’t mentioned, the account can’t be operated.

For operating such accounts, it is mandatory to link the PAN card; form 60 should be submitted as well. It has also been stated by the RBI that if a bank account hasn’t been linked to the Pan card and if the balance exceeds Rs 5 lakhs, it can’t be operated if form 60 isn’t submitted to the bank.

Many times, bank accounts are opened only with a photograph and signature or thumb impressions in presence of bank officials; in such accounts, there are deposits above 2 lakhs. Hence, the government has stated that if there are deposits of over Rs 2 lakhs in such accounts and if the total is around Rs 5 lakhs, then PAN card is a must.

As per a RBI notification, withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).

In a statement, RBI said, “Debit transaction, transfer or otherwise shall not be allowed in accounts which do not comply with these requirements.”

Here are the tweets:

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