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Depositing Someone Else's Money In Your Bank Account? Beware Of New Law
7 years of imprisonment announced under Benami Transactions Act Tax Department asked banks to report cash deposits exceeding Rs 2.5 lakh Reserve Bank of India has warned people of 'strict punitive action'
28 Nov 2016, 08:14 AM IST 
Tax Department has warned the public against dealing in banned bank notes in unauthorised manner
"Are you depositing someone else's money in your bank account? Benami (proxy) transactions unaccounted transaction shall be punished with rigorous imprisonment from 1 year to 7 years and shall be liable to fine." This is the warning the Income Tax Department has come out with in newspaper advertisements to make the public aware of the consequences of making illegal deposits.
This warning comes in the wake of reports that some people...
