RBI imposes restrictions on withdrawal from certain bank accounts
PrintListen to this Article
0:00
0:00
Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees.
The RBI in a notification said withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
The Central Bank also said monthly withdrawal limit of 10,000 rupees will be maintained even if a 'small account' has witnessed increase in annual permissible deposit of one lakh rupees. The notification follows after it was brought to the notice of the RBI that strict compliance with KYC provisions is not being ensured in some cases.#casansaar (NewsonAir)
The RBI in a notification said withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
The Central Bank also said monthly withdrawal limit of 10,000 rupees will be maintained even if a 'small account' has witnessed increase in annual permissible deposit of one lakh rupees. The notification follows after it was brought to the notice of the RBI that strict compliance with KYC provisions is not being ensured in some cases.#casansaar (NewsonAir)
Category : RBI | Comments : 0 | Hits : 2468
The Supreme Court on Friday set aside the rejection of an IRS officer’s candidature for appointment as a member of the Income Tax Appellate Tribunal (ITAT), ruling that the involvement of the th...
The Reserve Bank of India (RBI) on Friday unveiled a set of liquidity-boosting measures aimed at infusing more than $23 billion (around ₹2 lakh crore) into the banking system, after review...
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In t...
Comments