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Deposit of 500 & 1000 note

yogen (Accountant) (105 Points)

09 November 2016

Dear sir,

Kndly advice the currency of Rs 500 & Rs 1000 already laying in cash drawer of casheir in Hospital Non govt, organisation, institution, How should be depsit to bank.

Thanks in advance

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1 Replies

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 09 November 2016

The Non-Govt organization, instituion or hospital whatever it may be, it must be having a PAN, so deposit in such institution or organization's account held with bank along with proof of Identity (PAN)

Motive of the goverment is, that any amount which comes into the credit of the bank account would be accountable by the asseessee, avoiding hardships in tax evasion.