Demonetised rs 500 notes and deposit procedure in savings account

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Sir, Both my wife and me are retired, and are residents of India. And we have filed all our ITR’s regularly till FY 2015-16 / AY 2016-17 and have received all our refund on time. Since FY 2011 we have e-filed all our ITR. Both my wife and me had withdrawn cash from our savings bank accounts in FY 2015, using cheque facility given to us by our bank - for my wife - Rs 170,000 and for me - Rs 700,00 this money was to be used to carry out renovation in our kitchen platform area and painting of our entire flat. But due to change in plans of possibly us moving to Goa for couple of years, we did not proceed with this renovation work. And this money of Rs 240,000 in cash all in Rs 500 notes are with us today. Our request for clarification is, we have withdrawn cash from our different savings account example 1. Mine Rs 30000 from SBA/c 1, Rs 20000 from SBA/c 2 and Rs 20000 from SB Ac/ 3 2. Similarly my wife has withdrawn different amounts from her three different savings account depending on balance in those accounts Total of Rs 170,000. What is correct way to deposit this old Rs 500 notes - do we need to deposit the exact cash amount we had taken out form each account back into same SB A/c, or are allowed to deposit the entire Rs 170,000 in any single SB A/c for my wife and Rs 70,000 and my any one SB A/c. All our individual SB A/c’s are listed under our respective PAN number with our bank and also in our e-filed ITR as mandated by IT Dept. Do let us know the correct way to deposit the old Rs 500 notes. Sincerely Shantasp
Replies (1)

Its your genuine money, there is no need to worry. Try to deposit in same accounts from where they were withdrawn and same amount if possible so later its easy to track and recall. 


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