Legal Question in Banking Law in India

I am a staff in a bank. My salary is credited into a Secured Overdraft Account, which has a overdraft limit of 3.5 Lakhs. I have been frequently withdrawing funds and subsequently making cash deposits. Kindly help me in justifying the high number of transactions, since it is also a salary account.


Asked on 3/19/14, 10:20 am

2 Answers from Attorneys
anuradha Dixit +9312411481 dixitlawfirm

It is for you to justify how you are making these transactions in your account when you are a salaried person unless you can show that you have some other source of income too or a parallel business.

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Answered on 3/19/14, 10:30 am
Fca Prashant Chavan Expert Edge LLP

21.03.2014

Dear Sir / Madam,

You can keep on withdrawing funds and depositing cash into the overdraft a/c. Ensure that you mention your PAN Card No, whilst withdrawing or depositing cash in excess of Rs. 50,000/- per transaction.

Regards,

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Answered on 3/21/14, 10:25 am


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