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RBI advised the banks to accept the cash for payment of challan ITNS-286 under Income Declaration Scheme, 2016 - All About Finance

RBI advised the banks to accept the cash for payment of challan ITNS-286 under Income Declaration Scheme, 2016

by

RBI/2016-17/62
DBR.No.Leg.BC. 13/09.07.005/2016-17

September 8, 2016

The Managing Directors/Chief Executive Officers
All Scheduled Commercial Banks (including RRBs)

Dear Sir,

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.

Yours faithfully,

(Rajinder Kumar)
Chief General Manager

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3 thoughts on “RBI advised the banks to accept the cash for payment of challan ITNS-286 under Income Declaration Scheme, 2016”

  3. Why the Nationalised Bank is not accepting Income Tax challan by Cash below Rs 10000 yesterday iwent to S B of India, Bank O india, Bank Of Maharastra and Axis Bank they said we wont accept cash sir why this people is not accepting and customer is sufferer due to this, Si we request R B I ti instruct All the Banks to accept cash and plz send me a notification from u regarding acceptance of CAsh of Income tax send immediately so i will show this to Banks plz send to my undermention mail address

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