In yet another evaluate associated with the latest demonetisation, govt entities have requested banks to review deposits in any account aggregating Rs 10 lakh in a year, as well as money expenses of Rs 1 lakh or more on credit card bills.

Prime Minister Narendra Modi had on Nov 8 declared demonetization of Rs 1,000 and Rs 500 notes, saying the shift was required to get rid of black money, counterfeit notes and fear funding. People were given time until Dec 30, 2016, to down payment the demonetised currency in banks.

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Detailing the money dealings which need to be revealed to the authorities, the notice detailed “cash deposits during Nov 9, 2016 to Dec 30, 2016 aggregating to Rs 12.50 lakh or more in one or more current accounts of a individual, (and) Rs 2.5 lakh or more in one or more accounts (other than a present account) of a person”.

Besides, money deposits during Apr 1, 2016, to Nov 9, 2016, in any account that are reportable should also be turned off to the tax regulators by Jan 31, 2017, the notice said. Banks and post offices were informed to submit an appropriate declaration of financial transaction on or before Jan 31, 2017.