NEW RULES OF BANK, LETEST BANK CHARGE DETAIL IN GUJARATI

NEW RULES OF BANK, LETEST BANK CHARGE  DETAIL IN GUJARATI

If you have considerable amount of cash at home, there's no need to panic just yet, especially if it's hard-earned money and well accounted for. But now that the government has decided to do away with older notes (both Rs 500 and Rs 1,000), is there any way one can put it back into 



your bank account? Well yes, but to start with, keep your PAN card handy.

Here's what the rules say: 
Depositing in a bank where you have an account 

The amount that can be deposited in one-go into the account depends on your KYC compliance with the bank. If the KYC is complete, there is no limit on the quantity and value of older notes that you can put into your account. However, in accounts where the compliance with KYC norms is incomplete, a maximum of Rs 50,000 can be deposited.

Depositing in a third-party account
The older notes can even be deposited into a third-party account. This, however, is subject to a specific authorisation by the account holder. Here also, one needs a valid ID proof.

In case you don't have an account, you can even ask your relative, friend with an account to deposit cash into their account. In that case, the account holder (relative/friend) gives you the permission in writing. While exchanging, you should provide the bank with the evidence of permission given by the account holder and your valid ID proof. 


Finance Minister Arun Jaitley has said that deposits of now-defunct old Rs 500 and Rs 1,000 currency notes in bank accounts will not enjoy any tax immunity and the land of law will apply on the source of such money. 

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