Suspicious Transactions Report
This query is : Open
01 December 2008
My query is regarding suspicious transactions that a bank has to report on weekly basis. if a person has withdrawn about 120 lacs in cash in about 7 transactions from his saving account, which is new a/c about 3 months old.He also has same sort of deposits and there are similar trasactions other than in cash. Should this type of a/c be reported in the STR.
02 December 2008
Yes, It should be reported in the report. Please ready with your reply, there is a possibility that you will get income tax notice.
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