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Can I deposit 10 lakhs in saving account?
Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.
Can my friend use my bank account?
Why you should never give someone informal access to your bank account. Firstly, this is likely to be a breach of the agreement you have with your bank. They do not permit the sharing of your personal security information with anyone. There is no form of supervision of this sort of information access to your funds.
Where will the deposit of 10 lakhs in a savings account go?
The deposit will be in the server of Income Tax Department , courtesy provision of Annual Information Report mandatory for banks to submit every year and report among other things aggregate cash deposits in excess of Rs 10 Lakhs in a savings account.
How much cash deposits are required to be reported by banks?
4) The tax department also reiterated its November 2016 instruction asking banks to report all cash deposits of ₹ 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016. 5) For current accounts, banks have to report deposits of ₹ 12.5 lakh or more during the period.
What happens when you deposit $10K in a bank account?
Once you make a $10,000 cash deposit and the bank files its report, the IRS will then share it with officials from your local and state jurisdictions, up to the national level, to monitor where the money ends up. If you were a potential counterfeiter, authorities would want to first see if the serial numbers on each bill are genuine.
Can you deposit more than $10k in cash into a Chase account?
In the case of Chase Bank, for example, you can’t make cash deposits into someone else’s account anymore — the bank’s customary way of reducing illegal activity. The only time you should worry about depositing more than $10,000 in cash is not in how much you deposit — but how you deposit it.