The Managing Directors/Chief
All Scheduled Commercial Banks (including RRBs)
Income Declaration Scheme, 2016
Acceptance of Cash Over the Counter
Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated
August 28, 2008 wherein banks have been advised to ensure that
their branches invariably accept cash from all their customers who desire
to deposit cash at the counters. Further, they were also advised to refrain
from incorporating clauses, in the terms and conditions, which restrict
deposit of cash over the counters.
2. As you are aware, the Income
Declaration Scheme, 2016 (the Scheme) has come into effect from June 1,
2016 and some declarants may like to pay their tax dues in cash. In this
connection, it has been brought to our notice by the Government 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.
3. We advise that banks must
invariably accept cash, irrespective of amount, over the counters from all
declarants who desire to deposit cash at the counters, including deposits
under the above Scheme through challan ITNS- 286. In this connection, banks
shall comply with the Know Your Customer requirements for customers and
walk-in customers as contained in Master Direction – Know Your Customer
Direction, 2016 issued vide DBR.AML.BC.No.81/14.01.001/2015-16
dated February 25, 2016.
4. You are advised to
immediately issue appropriate instructions to your branches as indicated
above so that the declarants do not face any difficulty in depositing tax
dues under the Scheme.
Chief General Manager
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