25 March 2016
I plan to employ 500 people in a business building project which will initially not give any return, later off course I hope it will yield something. I am planning to ask them for a small security deposit of Rs 10000 for 6 months so that they don't run off. The problem is if my newly made bank account shows 500* 10000= 50 lac rupees will it pose a threat of arrest fraud or scam against me even holding such a large amount. If I invest this amount also in my business or share market and I earn something of this money will it be wrongdoing an catch eye of the government. My another worry is as I said my new bank account . I have always used my parents account. It's first time my own bank account. If I am getting money from outsiders amounting between 2 to 5 crores will it be looked with suspicion causing arrest . The business is cosmetics and skin care related. Initially I don't want to start a company I'll keep everything under a single account as an individual. Please answer in detail . I am anxious as so many bank frauds are coming out these days. I want to stay clean
CAclubindia
