Bank going to change notes? Keep these things in mind, otherwise notice will come from income tax

The Reserve Bank announced the withdrawal of Rs 2000 notes on Friday last week. Confusion has remained since the announcement of the Central Bank. From social media to mutual conversation, the market of many rumors is hot. Meanwhile, RBI has made it clear that there is no need to give any identity card or fill a form to change the note. However, even after this, 2000 rupee notes can send you a notice from Income Tax. Let’s know how…

Notes can be changed like this

First of all, let us know the guidelines of the Central Bank. You can exchange 2000 rupee note by going to any nearest bank branch or deposit it in your bank account. For this, the Reserve Bank has given people time till 30 September 2023. The Reserve Bank has fixed a maximum limit of 10 notes for one time in case of currency exchange. This means that you can exchange 2000 rupee notes with a maximum value of 20 thousand rupees at a time. However, if you deposit them in your account, then there is no limit.

people like this will be in trouble

People who have a lot of cash lying with them can face problems only. Too much cash means too many Rs 2000 notes. Since only a maximum of 10 notes can be exchanged at a time, depositing them in a bank account is a convenient option for dealing with a large number of notes, as the Reserve Bank has not set any limit for this. Tax experts are warning people in this situation.

Maintain these documents

If you also have a lot of cash in the form of 2000 rupee notes, then before depositing them in your bank account, you must maintain the documents and groups of this matter well, on the basis of which you can prove it if needed. What is the source of the money, i.e. from where did you get so many 2000 rupee notes?

These questions can be asked

The Income Tax Department looks at the big cash transactions with suspicion. Apart from this, even if the amount is huge, the eyes of the Income Tax remain on such transactions. In such a situation, it is possible that the Income Tax Department will send you a notice and ask from where did you get so much cash. In this case, if you have maintained good records, then you will be able to give a satisfactory answer to the Income Tax notice and avoid unnecessary troubles.

This is how you get all the information

Now a question may arise in your mind that how much money you have deposited, how will the Income Tax Department know? It’s very simple. In fact, if you deposit cash of Rs 10 lakh or more in any one financial year, then the bank gives its information to the Income Tax Department. These transactions may be done from one account or from multiple accounts. Banks give information about such high-value transactions in the Statement of Financial Transactions, so that the Income Tax Department comes to know about it immediately.

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