Can i deposit 20000 cash

Here cash deposits in the same city, will see no charges for the first four transaction in a month. If you are doing cash deposit in your own account, then there is no value limit, however if it is a third party then Rs 50, per day.

Similar is the case for deposits made in branch of other cities. There are also no charges for first cash deposit of a calendar month, if you are using the machine mode. Cash deposits at base branch, is free for up to Rs 2 lakh per day. While, deposits at all branches within same city or outside which are other than base branch, involves no charges up to Rs 5, per day. If limit exhausted that, Re 1 per thousand subject to minimum Rs 25 per transaction.

A maximum limit of Rs 25, per day is allowed for deposits of cash at non-base branches. Apart from above mentioned comparison, if your cash deposit is of Rs 10 lakh, then banks will have to follow a prescribed pattern by RBI. The central bank has asked banks to report all cash deposits of Rs 10 lakh nd above with full details in fortnightly statements by bank branches to their controlling offices.

Transactions of suspicious nature to be apprised to Head Office. RBI to look into these statements at the time of inspections. Hence, compared to lower value, Rs 10 lakh cash deposit will take a certain amount of time. Using a cash deposit machine is among the most simplest tool.

A CDM is launched almost in majority of bank branches. The procedure is somewhat similar like removing money at an ATM. For cash deposit at machine, you have to insert your debit card, enter PIN for authentication. An option like savings or current account will be asked. Once selected, add the amount of money you plan to deposit.

The machine will present details of denomination which will be deposited. If correct, then select the option deposit. If there are no CDM available at bank, then you can opt for a slip from bank. Fill in the blanks with information like name, bank account number, branch, rupees in words, signature, and denomination you are depositing.

View the anti-money laundering guidance for the legal sector. While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such.

The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given. Call the Practice Advice Service on or email practiceadvice lawsociety. Anti-money laundering My LS. My client is a buyer in a residential conveyancing matter. The Institute for Justice is challenging the IRS' use of civil forfeiture, which allows the government to seize assets it suspects have been illegally obtained.

It's often local police departments that seize people's cash , but the IRS has also used civil forfeiture law to take money directly from bank accounts, as The New York Times reported this weekend.

A person who purposely tries to evade these reporting requirements is guilty of a crime known as " structuring " or " smurfing. If the IRS even suspects you're guilty of restructuring, it can take your cash. And Carole Hinders, owner of an Iowa restaurant called Mrs. Now, the Institute for Justice is representing Hinders in her efforts to get that money back.

Here's how the Institute for Justice summed up her defense :. In her defense, she will show that she had no intent to evade the reports that banks must file with the U. Rather, she had legitimate business purposes for her banking practices.

Because her restaurant does not accept credit cards, and because it is unsafe to accumulate substantial cash on her premises, she goes to the bank often to make smaller cash deposits.