How much old currency notes can be deposited in current ac

varad mudliyar (proprietor) (68 Points)

20 November 2016  

Hi All Good Evening. Wishing You Nice weekend.

There is so much confusion about old currency notes exchange .

I would like to know how much amount can be deposited in current account  without attracting IT dept. wrath?

Any business person big or small must be having 4-5 lacs in cash.

I have been told that limit is Rs.12.5 Lacs. So If I deposite Rs. 5 Lacs ( which is less than  50% limit) in current account and nothing in savings , what will be consequences ? Will Dept. still ask me from where this monery has come ? Or they will ignore it till 12.5 lacs

Practcally speaking if you are leaving in cities , rs. 5 lacs is nothing. I have kept aside this towards medical emergency of my parents. This is years of savings in cash. I am self employed having a small home based business. I have filled returns for last 10 years and there is no any issue.

Pls. let me know what should I do.

Thank you

Regards

varad mudliyar