Legal Question in Banking Law in India

If a person has to deposit cash of about 10lac in his account.

If a person has to deposit cash of about 10lac in his account, proof of incom will be asked or not? One more thing if he is paying the income tax on that amount then source of income will be asked or not?


Asked on 6/27/08, 12:03 am

3 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: If a person has to deposit cash of about 10lac in his account.

Bank won't be concerned about the source of cash deposited by you in your account. But will report to RBI under the Money Laundering legislation. No Bank would ask for proof of income. They would have completed Know Your Customer norms when opening the account. If per chance, it asks for it, answer it honestly.

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Answered on 6/27/08, 10:28 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: If a person has to deposit cash of about 10lac in his account.

Consult a CA or Tax Advocate/Consultant or the Bank.

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Answered on 7/14/08, 5:32 am
G. M. Gupta gmguptaandassociates

Re: If a person has to deposit cash of about 10lac in his account.

please ask the bank itself .. this is not the question of law

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Answered on 6/27/08, 4:37 am


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