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Violation of sec 269ST?

Rahul (others) (28 Points)

28 May 2017

Plz check whether violation done or not in these cases..

1. withdrawing money greater than 2lac from bank account single day

2. depositing cash greater than 2 lac in bank account single day

2. money transferred from father's bank account to son's (online) greater than 2lac single day

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 28 May 2017

In Case 1 there is viaolation of Sec 269ST.

Rahul (others) (28 Points)
Replied 28 May 2017

Mam but CBDT has issued circular that withdrawal from bank accounts does not violate 269ST

Rahul (others) (28 Points)
Replied 28 May 2017

"Any contravention to the said provision shall attract penalty of a sum equal to the amount of such receipt. However, the said restriction is not applicable to any receipt by Government, banking company, post office savings bank or co-operative bank. It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank. Necessary notification in this regard is being issued."

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