New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016.

Besides, banks have also been directed to ask the account holders, who did not furnished PAN (permanent account number) or Form-60 (for those without PAN) at the time of opening bank account, to do so by 28 February this year.

As per a notification, the banks, co-operative banks and post offices will have to report to the tax department all cash deposits between 1 April to 9 November, 2016—the day when the demonetisation was effected by junking old Rs500 and Rs1,000 notes.

Further bank officials will have to document PAN or declaration of Form-60 received from account holders and maintain all records for transactions under Rule-114B of I-T Act. Rule-114B lists various transactions for which quoting PAN is mandatory.

It said that persons who have not quoted PAN, or did not furnish Form-60 at the time of opening account, will have to provide the same by 28 February.

Form-60 is a declaration form filed by an individual without PAN.

Following the demonetisation move effective 9 November, the tax department had earlier asked banks and post offices to report to it all deposits above Rs2.5 lakh in savings accounts and more than Rs12.50 lakh in current accounts made between 10 November - 30 December, 2016.

Also, cash deposits exceeding Rs50,000 in a single day had to be reported. With an estimated about Rs15 lakh crore in junked currency notes coming back into the banking system post demonetisation, the tax department has started analysing the bank deposit trends.

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