Over 3.6 mn accounts saw cash deposit of Rs 10 lakh or more

Over 3.6 million bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed on Tuesday.Rule 114E of the Income Tax Rules says banks, including cooperative banks,have to report to tax men cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts(other than a current account and time deposit) of a person.“According to there ports generated on July 14,2017, the total number of cash deposits aggregating to Rs 10 lakh or more in a financial year in one or more accounts (other than a current and time deposit account) by the reporting entities is 36,06,269,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply in Rajya Sabha.

Business Standard, New Delhi, 19th July 2017

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