Income Declaration Scheme, 2016 – Acceptance of Cash Over the Counter

Income Declaration Scheme, 2016 has come into effect from June 1, 2016 and some declarants may wish to pay their tax dues in cash. In this connection, it has been reported that banks are hesitant in allowing the deposit of large value cash.

RBI has advised that banks must invariably accept cash, irrespective of amount, over the counters from all such declarants. Banks shall however comply with the Know Your Customer requirements as per guidelines.

Based on RBI notification dated 8/9/2016. For any further clarification, please refer www.rbi.co.in