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Cash payment above 20000
I work in a bank. I had closed a savings account & made payment of Rs.31000 in cash to the customer. Isn't it allowed or not?
Replies (3)
Some banks do not allow cash withdrawals above 25K by pay slip.....
So, check the internal policy of the bank &/or RBI......
As far IT act is concern......... no restriction....
withdraw from bank is allowed and no questions asked for cash payment.the account should be kyc compliant. all the best.
Its allowed..
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