Opening of a bank account

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siddhi08 (Querist)
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10 October 2012 Dear Experts,

Kindly make my doubt clear... as per my practice we open bank account within 30 days from the date of incorporation.

but is it necessary to open bank account within 30days or we can instead of opening bank account, can we keep in cash the Rs. 1/- lac or Rs. 5/- lac in company's office..?

Regards,
Siddhi

Ajay Mishra

Ajay Mishra (Expert)
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10 October 2012 Hi,

It is not mandatory to open a bank account with in 30 days. you can hold such amount in cash in hand. Yes you can.

But Try to open a Bank account for business purpose as soon as possible.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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10 October 2012 No Where Written in Companies Act That Bank Account Need to open in 30 days, But It Should be Open.

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