ONLY ONE TIME DEPOSIT OF OLD CURRENCY NOTES EXCEEDING Rs. 5000/- ARE PERMITTED IN AN ACCOUNT

Posted By on December 19, 2016

The Central Government has vide Notification No. S. O. 4086 (E) dated 17-12-2016 has inserted a new proviso to clause (iii) S. O. 3407 (E) dated 08-11-2016 related to Demonetisation of the Old Currency Notes of Rs. 1000/- and Rs. 500/-.
 
As per the new proviso “The deposit of an amount exceeding Rs. 5000/- shall be made only once per account till 30th Dec, 2016“. The copy of the Notification is enclosed as Attachment to this post.
 
This is in line with our advise to our clients and the news item published in the DNA Newspaper on 18-11-2016 in which we have suggested as below:-
 
“As far as possible, cash should be deposited by way of a single entry in the Bank, so a fair intention may be established – RITUL PATWA, Chartered Accountant”
 
We suggest an assessee to be cautious and review his position before deposit of Old Denomination Cash in Bank.
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