Cash payment above 20000

18 January 2018

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?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (184664 Points)
Replied 18 January 2018

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....

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raghavan (self) (611 Points)
Replied 18 January 2018

withdraw from bank is allowed and no questions asked for cash payment.the account should be kyc compliant. all the best.

CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 18 January 2018

Its allowed..

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