Ans. Following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority:
(a) an assessee;
(b) the prescribed person in the case of an office of Government;
(c) a local authority or other public body or association;
(d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908);
(e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988);
(f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898);
(g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013);
(h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
(j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or
(k) a prescribed reporting financial institutions
(i) a person, other than those referred to in clause (a) to (k), as may be prescribed
|
Sl. No.
|
Nature and value of transaction
|
Class of person (reporting person)
|
|
1
|
(a) Payment made in cash for purchase of bank drafts or pay orders or banker's cheque of an amount aggregating to Rs. 10 lakh or more in a financial year.
(b) Payments made in cash aggregating to Rs. 10 lakh or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India.
(c) Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to Rs. 50 lakh or more in a financial year, in or from one or more current account of a person.
|
A banking company or a co-operative bank
|
|
2
|
Cash deposits aggregating to Rs. 10 Lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
|
(i) A banking company or a co-operative bank
(ii) Post Master General
|
|
3
|
One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to Rs. 10 lakh or more in a financial year of a person.
|
(i) A banking company or a co-operative bank
(ii) Post Master General
(iii) Nidhi Company
(iv) Non-banking financial company
|
|
4
|
Payments made by any person of an amount aggregating to—
(i) Rs. 1 lakh or more in cash; or
(ii) Rs. 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year.
|
A banking company or a co-operative bank or any other company or institution issuing credit card.
|
|
5
|
Receipt from any person of an amount aggregating to Rs. 10 lakh or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).
|
A company or institution issuing bonds or debentures.
|
|
6
|
Receipt from any person of an amount aggregating to Rs. 10 lakh or more in a financial year for acquiring shares (including share application money) issued by the company.
|
A company issuing shares.
|
|
7
|
Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to Rs. 10 lakh or more in a financial year.
|
A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013
|
|
8
|
Receipt from any person of an amount aggregating to Rs. 10 lakh or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).
|
A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund
|
|
9
|
Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs. 10 lakh or more during a financial year.
|
Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).
|
|
10
|
Purchase or sale by any person of immovable property for an amount of Rs. 30 lakh or more or valued by the stamp valuation authority referred to in section 50C of the Act at Rs. 30 lakh or more.
|
Inspector-General or Registrar or Sub-Registrar appointed under the Registration Act, 1908
|
|
11
|
Receipt of cash payment exceeding Rs. 2 lakh for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)
|
Any person who is liable for audit under section 44AB of the Act.
|
|
12
|
Cash deposits during the period 9th November, 2016 to 30th December, 2016 aggregating to—
(i) Rs. 12,50,000 or more, in one or more current account of a person; or
(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.
|
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898
|
|
13
|
Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable under SI.No.12 because cash deposited in this account between 9th November, 2016 to 30th December, 2016 aggregating to—
(i) Rs. 12,50,000 or more, in one or more current account of a person; or
(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.
|
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898
|
