depositing 500 notes in ppf account
This query is : Open
19 November 2016
can any one advice if we deposits 500 n 1000 notes of rs 100000 during demonitizibg time in PPF Ac n rs 230000 in saving acs ....is it ok....
will ppf Ac be treated separately or counted as same with savings Ac fr limit of 2.5 lakhs....pl clear..... ADVICE
19 November 2016
In my opinion PPF and savings account will be treated as separate since the recent notification and amendment in rules by CBDT mentions cash deposits of more than 2.5 laksh in one or more bank accounts other than current account. Ban account in my opinion should be savings account only and not PPF account. moreover deposit in PPF account is eligible for 80C benefit also therefore there should not be any problem.
20 November 2016
In all likelihood, all deposits, whether in Bank, Post Office, pertaining to a PAN shall be aggregated. PPF shall also be come under the purview.
21 November 2016
Kindly ref. sect. 115BBE, & sect. 270A. Aggregate amount will be considered as deposit during the period.
23 November 2016
Now, Finance Ministry has said that old notes can not deposited into small savings accounts. Small savings scheme included PPF. Please see the below link
Rs 500/1,000 notes not valid for deposits in small saving schemes
http://economictimes.indiatimes.com/news/economy/policy/rs-500/1000-notes-not-valid-for-deposits-in-small-saving-schemes/articleshow/55567150.cms
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