Source: News Bharati English16 Dec 2016 09:17:30
New Delhi, December 16: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees.
The RBI in a notification said withdrawal or transfer of funds will not be permitted in accounts without quoting of PAN or submission of Form 60 (persons who do not have PAN).
The Central Bank also said monthly withdrawal limit of 10,000 rupees will be maintained even if a 'small account' has witnessed increase in annual permissible deposit of one lakh rupees. The notification follows after it was brought to the notice of the RBI that strict compliance with KYC provisions is not being ensured in some cases.