RBI Advise Banks to Invariably Accept ‘Tax Deposited in Cash under IDS 2016’

RBI Advises Banks for Invariable Acceptance of Cash Deposited Over the Counter towards Tax Dues under the Income Declaration Scheme (IDS) 2016

In view of the ongoing ‘Income Declaration Scheme, 2016’, the declarants may like to pay their tax dues in cash, however the RBI has felt that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Scheme, with them, for credit to Government account.

To ensure that the declarants do not face any difficulty in depositing tax dues under the IDS 2016, RBI has advised banks to invariably accept cash, irrespective of amount, over the counters from all declarants through challan ITNS 286, including deposits under the above Scheme, although banks may insist for compliance with applicable KYC guidelines.

RBI Notification dt. 8 Sept. 2016

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