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Tax Department Orders Banks To Report Cash Deposits Above INR 10 Lakhs

Tax Department Orders Banks To Report Cash Deposits Above INR 10 Lakhs

Thursday, January 19, 2017, 7:22 PM

Banks have been asked by the Tax Department to report deposits in any account, aggregating INR 10 lakh in a year, as well as cash payments of INR 1 lakh or more on credit card bills. Purchase of foreign exchange including travellers cheque and a forex card aggregating INR 10 lakhs, would have to be reported to tax authorities.
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