Depositing and withdraw of amount in saving Bank acc

Hi 

We need to pay 40 lakhs fee to a medical collage.

We got money from transfers from relatives and one gold loan worth 7 lakhs. We paid via transfer to the collage. Our relatives deposited 5 lakhs and made transfers for fee purpose. Will we or our relatives will get any notices. 

Thanks for your Answer

Replies (4)
Quick Summary
This discussion addresses concerns about depositing large sums into a savings account for medical college fees, including funds from relatives and gold loans. While routine payments may not attract attention, significant transactions could lead to bank queries about the source of funds. It's advised to keep detailed records of all transfers and sources, as a show cause notice is a possibility, though manageable with proper documentation. The medical college should also provide a valid certificate for the payment.

If routine payment, you may to be queried; but otherwise you may be asked for sources of fund..

No notice
Medical college must issue a valid certificate.
it's a donation cum fee.
This happens especially for higher studies.

You can make note of all money received details with dates & source also .

Since it is a big transaction , there is a possibility for show cause notice (SCN). But can be managed easily since the evidence is available.
No such show cause notice.
Notice to be served to the medical college.

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