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Cash deposit 2000000 in current account

16 September 2019

what if a company want urgent need or 20 lac bank balance but having available cash.which its books account states 2800000/- cash on hand

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11 Replies

sabyasachi mukherjee (27632 Points)
Replied 16 September 2019

Withdraw....rs.20 lacs.
sec 269 ST IS NOT APPLICABLE IN CASE OF WITHDRAWAL FROM CURRENT ACCOUNT.
BUSINESS PAYS WAGES EITHER FORTNIGHTLY OR MONTHLY.

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Prashant Rawal (23 Points)
Replied 16 September 2019

The case is firm having 20 lac cash in hand

ABHISHEK (Student) (412 Points)
Replied 17 September 2019

If as per return cash is available, deposit it in 3 lot of 7-8 lakh each day. If u deposit 10 lakh OR above on a single day, bank will send the report to department.

so safe to deposit it in 3 lot.

sabyasachi mukherjee (27632 Points)
Replied 17 September 2019

Abhishek u are wrong it seems.
Limit is Rs. 2 lakhs.
If u receive the amount in account payee chq its not an issue.
government , banks and companies registered under micro finance act / NBFC.

Prashant Rawal (23 Points)
Replied 17 September 2019

So sabyasachi what is the way to deposit 20 lac in bank Account. If cash on hand of firm is 28 lac in the books of accounts

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sabyasachi mukherjee (27632 Points)
Replied 17 September 2019

Do u have a current account ?

1 Like

Prashant Rawal (23 Points)
Replied 17 September 2019

Yes, the firm has current account

sabyasachi mukherjee (27632 Points)
Replied 17 September 2019

Segregate for 10 ten days. deposit it.
neanwhile increase cash in safe and cas in transit insurance limit to 20 lacs.
this willl safeguard for any other unforseen problems.
intimate the bank about the same.

ABHISHEK (Student) (412 Points)
Replied 17 September 2019

Mr mukherjee, u misunderstood the law
269ST says u can receive max 2lkh for each sale transaction. This section is not applicable to banking co if bank receive cash.

And there is no link of sec 269ST with the query.
His firm has already cash in hand of 28lkh as per return, he want to deposit 20lkh in bank.

No problem, deposit it.