akshay mohite 14 January 2021
If a person have a Current account in bank A With Cash Credit Facility, As per Rbi Rule if he wants to open Current account with Bank B he want to give NOC of bank A to Bank B for account opening.
That rule prepared by Rbi to stop The fund diversions,
But if the person recieves the money ( cash flow ) in cash and hoards it how can a bank prevent the person to defraud him ??
Sourav (Student) 14 January 2021
Bank A shall regularly required stock statements quarterly regarding cc limit to ascertain the position of the borrower also banks in their loan deed attach collateral security of borrower.
Also if such borrower receives money in cash in bulk mode then he gets attracted under IT Act u/s 269ST if receives 200000 rupees in a single transaction and penalty will be imposed u/s 271D.
The borrower shall might gets imprisoned also
akshay mohite 14 January 2021
Ok but How income tax will come to know whether the person has received how much amount if he dealts in cash only as a current account holder he has not received the interest on current account balance ?
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