As per Government regulation (269ST), effective 1st April 2017, please do not deposit above ₹1,90,000 in cash, in a day into Via Account to avoid heavy penalty(equivalent to amount deposited)
HOW TO TRANSFER THE MONEY?
Please deposit the cash into your account and transfer it to Via Account through online modes like RTGS, IMPS, NEFT etc.
- Recently, the Indian government has proposed new section 269ST in the Income Tax Act, 1961 as per the Finance Bill, 2017Finance Bill, 2017 whereby any cash receipt in excess of Rupees One Lakh Ninety Thousands Only ( ₹1,90,000 ) in a day will be liable for equal penalty in the hands of the recipient. In view of the above amendment, the Company hereby notifies all its Associates to strictly follow the following guidelines while carrying out monetary transactions with the Company .
- No Individual/ entity will deposit any cash into the Company's Bank account unless he/ she/ it meets all of the following conditions:
- The Associate will not use the Permanent Account Number of the Company;
- The Associate will provide the Permanent Account Number along with self-attested copy of the Permanent Account Number relevant to the deposit i.e., His/ Her/ Its Permanent Account Number or Permanent Account Number of ultimate customer;
- The Associate will not do cash deposit of Rupees One Lakh Ninety Thousands Only (₹1,90,000) or more:
- in aggregate from a person in a day;
- in respect of a single transaction; or
- in respect of transactions relating to one event or occasion from a person
- Any deviation from the above guidelines will be taken seriously and can result inter-alia in termination of the Agency contract, impounding of any cash/ money so deposited by the Associate without any further intimation/ action needed from the Company.
- The Associate understands and acknowledges that the Company is entitled to information with regard to source of any monies being deposited in the Bank Account of the Company and the Associate shall, upon demand, without demur or dispute, inform the Company of any such source of monies.
- It is intimated that from immediate effect that all cash deposits made by The Associate in the Bank Account of the Company, will not be credited to the FRAG/FRAN ID/FRAG Account maintained by the Company for The Associate and will be kept in a suspense account of the bank with which such cash deposit is done by The Associate till such time the Company is satisfied of the adherence of the above guidelines by The Associate.
- Further, if any Associate is found in contravention of depositing the cash deposit in excess of the above limit, his/her/its FRAG/FRAN ID/FRAG Account will be suspended till the written explanation in satisfaction of the Compan's management is provided and the Company will have right to impound the cash so deposited.
- The Associate hereby unconditionally indemnifies the Company from any action taken by any government agency (including Tax department) in the event of non-compliance of any relevant law by The Associate.