MANU/RMIC/0165/2016
Ministry : Reserve Bank of India
Department/Board : Department of Banking Regulation
Circular No. : DBR.No.Leg.BC.13/09.07.005/2016-2017
RBI/2016-2017/62
Date : 08.09.2016
Notification/ Circulars Referred : Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 MANU/DBOD/0111/2008;DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016 MANU/RMIC/0030/2016
Citing Reference:
Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 MANU/DBOD/0111/2008 Referred
DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016 MANU/RMIC/0030/2016 Referred
The Managing Directors/Chief Executive Officers
All Scheduled Commercial Banks (including RRBs)
Dear Sir,
Income Declaration Scheme, 2016 - Acceptance of Cash Over the Counter
Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all their customers who desire to deposit cash at the counters. Further, they were also advised to refrain from incorporating clauses, in the terms and conditions, which restrict deposit of cash over the counters.
2. As you are aware, the Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash. In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Scheme, with them, for credit to Government account.
3. We advise that banks must invariably accept cash, irrespective of amount, over the counters from all declarants who desire to deposit cash at the counters, including deposits under the above Scheme through challan ITNS- 286. In this connection, banks shall comply with the Know Your Customer requirements for customers and walk-in customers as contained in Master Direction - Know Your Customer Direction, 2016 issued vide DBR.AML.BC.No.81/14.01.001/2015-16 dated February 25, 2016.........