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RBI Advises Banks To Accept Cash Under IDS
The Reserve bank of India On Friday advised banks to ensure that their branches accept cash from all their customers who desire to deposit cash at the counters under Income Declaration Scheme (IDS).
The Income Declaration Scheme has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash.
"In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Scheme, with them, for credit to Government account", the RBI said.
Banks must invariably accept cash, irrespective of amount, over the counters from all declarants who desire to deposit cash at the counters, including deposits under the above Scheme through challan ITNS- 286, added further.
The Income Declaration Scheme provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.
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