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Tuesday, March 14, 2017

No cash withdraw limit on savings accounts from today

New Delhi :  
The limit on cash withdrawals from savings bank account has been lifted from Monday. The Reserve Bank of India, in a notification issued on January 30, had announced that from March 13 all limits on cash withdrawal from savings accounts will be removed.

Till now, there was a cash withdrawal limit of up to Rs 50,000 per week on savings accounts and none on the current accounts.  

After the note ban on November 8, Reserve Bank had capped withdrawal limits on ATMs and bank branches. It raised limits from Rs 2,000 a day to Rs 4,500 a day to Rs 10,000 a day while maintaining the overall weekly ceiling of Rs 24,000.

Floating Post Office in India


Srinagar in Jammu and Kashmir is one of the most popular and beautiful destinations in India. It is famous among tourists and has several attractions. One of its major attractions is the Dal Lake which is known for its natural beauty, its location between mountains, and its lovely weather and ambiance. But another jewel to its crown is India’s first floating post office!
The floating post office was inaugurated by former Chief Minister Omar Abdullah in August 2011. Since then, it has been attracting tourists from all across the country. While it is a boon to the state’s tourism, the post office is also looked as a tribute to the beautiful Dal lake. Standing on a huge house boat, the post office also includes a philately museum and a shop that sells postage stamps among other things. These include  picture post cards, greeting cards, local souvenir items, stationary and several books on Kashmir. Other services at the post office allow tourists to call and email their friends all across the world.

Another special feature of this post office is that the letters that are posted here carry a special design with pictures of scintillating landscapes of the Dal Lake and other Srinagar attractions. The museum in the post office showcases its history and several fascinating postage stamps.
The Dal Lake which is known as one of the most beautiful lakes in India, conjures images of beautiful shikaras and houseboats floating against the backdrop of snow-clad mountains. This lovely floating post office just adds more to its gorgeousness!

Income Tax department raises queries on suspicious bank account deposits post demonetisation

The income-tax department that had begun raising queries with regard to what it thinks are suspicious bank deposits after demonetisation was announced, including those made in cooperative banks, are set to start is going these accounts. 
The tax department could start summoning bank account holders in the coming month or two, say people in the know. The move is part of the government’s crackdown on money laundering in the wake of demonetisation. In the first round, the tax department was focusing on those bank accounts that do not have proper KYC (know your customer) credentials or cash deposits do not correspond with the individual’s income people close to the development said. ET reported on January 19 that the I-T department was looking to question cash deposits exceeding Rs 10 lakh. 
Experts say that the directive that many tax officers have received from the “highest level” is to go aggressively after those who may have played the system following demonetisation. The government may be looking to increase its revenues by bringing many individuals who may not have been paying taxes. It is learnt that many bank account holders suddenly deposited a huge chunk of money even as their income tax records do not correspond with such an amount. 
About 1.5 lakh account holders have deposited more than Rs 10 lakh each and there have been suspicious cash deposits in one crore accounts belonging to 75 lakh people. 
Income tax department has already raised queries on the e-platform. The queries raised are very specific and in some cases tax officials are demanding that bank account holders submit scanned copies of their PAN and Aadhaar cards. Experts said bank account holders who have not cleared the KYC process, especially in some cooperative banks, are to be questioned first.
Source : The Economic Times