Withdrawal of Legal Tender Character of Specified Bank Notes – Compliance with provisions of 114B of the Income Tax Rules, 1962

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..... Withdrawal of Legal Tender Character of Specified Bank Notes – Compliance with provisions of 114B of the Income Tax Rules, 1962 - News and Press Release Dated:- 16-11-2016 - News - RBI/2016-17/135 DCM (Plg) No.1287/10.27.00/2016-17 November 16, 2016 The Chairman / Managing Director/Chief Executive Officer Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rur .....

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..... al Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Withdrawal of Legal Tender Character of Specified Bank Notes Compliance with provisions of 114B of the Income Tax Rules, 1962 Please refer to our Circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. With a view to ensure compliance with provisions of 114B of the Incom .....

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..... e Tax Rules, 1962 , the banks are advised as under: i. Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN ii. In addition to the above provision, in the same IT Rules, PAN reporting requirements are there for other transactions, which banks need to insist upon. 2. The banks .....

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..... are, therefore, advised to take note of the above and ensure strict compliance with the provisions of 114B of the Income Tax Rules, 1962 . Relevant provision 114B of the Income Tax Rules, 1962 , is enclosed. Yours faithfully, (P Vijaya Kumar) Chief General Manager - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com .....

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..... - TMI - TaxTMI - TMITax .....

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