Be Careful With Your SB Account
Even a Rs 2 lakh deposit can land you in trouble as RBI seeks data on accounts that have seen sudden surge post note ban. RBI has written to banks asking for details of accounts at specific branches, particularly those in tier-II and tier-III cities.
If someone offers to put money into your account, be careful. Any account that did not have Rs 2 lakh would attract officials of the Income tax department.
The RBI is going to keep a close watch on such accounts which suddenly become flush with money.
Such accounts would immediately be reported to the income-tax department to be investigated for possibly suspicious transactions.
This would be part of the next phase as the government gears up for its anti-black money campaign.
The RBI has ordered banks to provide data on such accounts as it steps up efforts to ensure that the banking system is not misused to launder black money after the demonetisation drive that was announced on November 8.
The latest move has lowered the threshold for inquiry. Earlier, banks were told to only provide information to the Financial Intelligence Unit on accounts where customers have deposited Rs 2.5 lakh or more in cash.
The regulator has written to banks asking for details of accounts at specific branches, particularly those in tier-II and tier-III cities that have witnessed abnormal jumps in deposits.
The government fears that dormant, benami and no-frills accounts are being used to park unaccounted money. The central bank and other agencies are intensifying efforts to ensure that black money supposed to have been rendered worthless by demonetisation doesn’t find its way back into the system.
Of the Rs 15.4 lakh crore of currency accounted for by the cancelled Rs 500 and Rs 1,000 notes, Rs 12.44 lakh crore or 80% has been deposited