A sole proprietary concern opener a current account with a bank back in 2015. Also, the sole proprietor in 2019 bought a commercial shop on his individual name through a OD Loan against property product offered by the bank.
Now, bank had frozen the current account citing circular DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020 and the subsequent circulars specifically Dec 2020.
Is there a way to continue using current account as well as ODLAP account.
The EMI is debited in the current account.
The Current account is in the name of M/s Sagar Enterprise
whereas
The ODLAP account is in the name og Mr. Sagar Patel
*name changed where applicable.
CAclubindia
