Income Declaration Scheme, 2016 - Cash Accepted

By Vijay Kumar

THE Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016. In this connection, it has been brought to the notice of RBI 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.

RBI advises that 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.

RBI DBR.No.Leg.BC. 13/09.07.005/2016-17., Dated: September 08 2016