Credit institutions should actively make available to consumers accessible information and adequate assistance about the specific features of the payment account with basic features on offer, their associated fees and their conditions of use, and also the steps consumers should take to exercise their right to open a payment account with basic features. Kindly read : What to do if his limit cross to 2lacs. The statement of fees shall be provided on paper at least upon the request of the consumer. i deposited 5 lakhs in my wife name through cheque from my account. The fee information document should where applicable use the standardised terms and definitions established at Union level. Consumers only have an incentive to switch payment accounts if the process does not entail an excessive administrative and financial burden. Get information on latest national and international events & more. The methods of making such reference shall be laid down by Member States. Eliminating direct and indirect obstacles to the proper functioning of the internal market is essential for its completion. And receive a cash deposit in our current account by the client of total amount of rs.300000 on the same date in single transaction with PAN number mention .Will it be okay or not ? Those factors also stifle demand. For organisations. Sir, I got credit note for scheme and discount received where gst has reversed..now I recorded in my tally in journal, though the input has reduced in tally duty and taxes account but originally in GSTR 3B report input has not reduced. Also, as per the current registration rules, you need to pay this Rs 4.6 lakh through non-cash mode only. 4500 on July 30th Is it legal to make the deal ? In order to help consumers compare payment account fees throughout the internal market easily, payment service providers should provide consumers with a fee information document that states the fees for all services contained in the list of the most representative services linked to a payment account at national level. (12)Council Regulation (EC) No859/2003 of 14 May 2003 extending the provisions of Regulation (EEC) No1408/71 and Regulation (EEC) No574/72 to nationals of third countries who are not already covered by those provisions solely on the ground of their nationality (OJ L 124, 20.5.2003, p. 1). All classifieds - Veux-Veux-Pas, free classified ads Website. Daily U.S. military news updates including military gear and equipment, breaking news, international news and more. Im a car dealer and we usually have 2 nature of invoices for selling a car since the cars are usually worth Rs 3,50,000 or more these days : Accepting cash above Rs 2 Lakh attracts penalty. no.. there are 3 separate bills day1 day 2 day3 error: Content is protected !! Can they pay cash more than 200000 in one transaction? Is there any limitation of deposit at a time and in a financial year. Last month i sell my land( Chennai City) ,by unknowing i received Rs 400000 by cash . Registered users can post, like, and retweet tweets, while unregistered users only have the ability to read public tweets. 1. What is the amount that is going to be mentioned in the Lease agreement? 4,00,000/= taken by cash in the sale deed, will it be a problem? Please explain . We are distrubutior in fmcg products Etymology. If i with draw 2 Lakh from saving bank accountpenalty is applicable, can i sell the goods 20000 in cash to a single person. Dear LAKSHMI ..Kindly consult a CA in this regard.. The receiver of cash amount of Rs 2 Lakh and above can be penalized. [67], The final report of the National Monetary Commission was published on January 11, 1911. Acquired office equipment from Tower company for $6,200. kindly advice on this. can i deposit Rs 2 lakh to 3 lakh in my own bank account if not at a time,then by part deposit of RS 40 thousand to 50 thousand in a week. Yes, penalty can be levied. can i deposit more than two lack in a single day on my current account ? It's easy to use, no lengthy sign-ups, and 100% free! Or I can identify him is enough? they buy 1-2lacs material in a month & give me cash against my sale every day 6000 to 7000. the single invoice value never goes above 2 Lacs. what can i do ? Donald John Trump was born on June 14, 1946, at Jamaica Hospital in the borough of Queens in New York City, the fourth child of Fred Trump, a Bronx-born real estate developer whose parents were German immigrants, and Mary Anne MacLeod Trump, an immigrant from Scotland.Trump grew up with older siblings Maryanne, Fred Jr., and Elizabeth, and younger brother Robert in WE ARE HAVING COMMERCIAL VEHICLE DEALERSHIP. 2022 tpm media llc. This allows more goods and services to be bought than before with the same amount of currency. (9)Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 309, 25.11.2005, p. 15). A sum of Rs.3 Lakh has been received back by cash on various dates from the person before February 2017. [47], Unbeknownst to Wall Street, a new crisis was being averted in the background. BUT BLOOD relatives. The Commission should provide a report on the basis of the information received from the Member States for the first time after four years from the entry into force of this Directive and thereafter biennially. So for your question my answer is NO. It is a great message for me !! No and government has no right to tell us what to do with our hard earned money or restrict us. The notification of termination shall advise the consumer of the procedure to submit a complaint against the termination, if any, and of the consumers right to contact the competent authority and designated alternative dispute resolution body and provide the relevant contact details. However, the government has now allowed hospitals, dispensaries and COVID-19 care centres to accept cash payments in excess of Rs 2 lakh from patients or their kin till May 31. Find out, if it is Taxable or Tax-free? When Member States adopt the measures referred to in paragraph 1, they shall contain a reference to this Directive or shall be accompanied by such a reference on the occasion of their official publication. Here, marriage is a single occasion and cash gifts worth Rs 2 Lakh or more can not be received from relatives and other persons. This is a list of experimental features that you can enable. You may deposit in different accounts with installments less than Rs 2 Lakh. [7] From the January 1906 Dow Jones Industrial Average high of 103, the market began a modest correction that would continue throughout the year. Thanks for your article. Thanks, Sreekanth ! Hence above INR 1.99 lacks is not in cash. The definitions contained in this Directive should be aligned as far as possible with those contained in other Union legislative acts, and in particular with those contained in Directive 2007/64/EC and in Regulation (EU) No260/2012 of the European Parliament and of the Council(6). You may inform him/her about the new amendment. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's U.S. Steel Corporation, a move approved by the trust-busting President Theodore Roosevelt. Industrial production dropped further than after any previous bank run, and 1907 saw the second-highest volume of bankruptcies to that date. Assignment Essays will be listed as Assignment Essays on your bank statement. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 $250,000 = $1,500,000. Member States shall ensure that consumers are able to access free of charge their personal information regarding existing standing orders and direct debits held by either the transferring or the receiving payment service provider. Kejriwal clears the bill in 4 installments of Rs 1 Lakh each on four different dates. Furthermore, when developing those formats, EBA should also take into account the fact that Member States may choose to provide the fee information document and the statement of fees together with information required pursuant to other Union or national legislative acts on payment accounts and related services. We voted for a good government let us get one. yes, Its neither of them.. both person should have agri income and neither of them have any taxable income. [10] From their peak in January, stock prices declined 18% by July 1906. Member States should promote measures that support the education of the most vulnerable consumers, providing them with guidance and assistance in the responsible management of their finances. Formal theory. When determining the sufficient number of credit institutions, the factors to be taken into account should include the coverage of the network of the credit institutions, the size of the territory of the Member State, the distribution of consumers on the territory, the market share of the credit institutions and whether payment accounts with basic features represent only a small part of the payment accounts provided by the credit institution. What are the journal entries for the following: The business is a trading business. New Evidence from Trust Company Stocks. Dear sachin ..I am not sure on this. Morse had once successfully cornered New York City's ice market, and together with Heinze gained control of many banksthe pair served on the boards of at least six national banks, ten state banks, five trust companies and four insurance firms. 7th), convened a special committee to investigate a "money trust", the de facto monopoly of Morgan and New York's other most powerful bankers. The money reached the market at 2:30p.m., in time to finish the day's trading, and by the 3o'clock market close, $19 million had been loaned out. Please check this Sir. Following the updating of the Union standardised terminology pursuant to Article 3(6), EBA shall, where necessary, review and update the standardised presentation format of the fee information document and its common symbol, following the procedure set out in paragraph 6 of this Article. Well explained. Lets ignore the Rental advance here for simplicity. (c) any corporation established by a Central, State or Provincial Act ; Member States shall lay down rules on sanctions applicable to infringements of the national legislation transposing this Directive and shall take all necessary measures to ensure that they are implemented. company can issue the cash receipt of Rs.9999/-, 200 times in ayear? So, if one has a valid and sufficient reason, there is no need to worry. Are you sure if a partner can withdraw cash amounting to more than 2 lakhs in a year from partnership firm (not through banks) ? [56] When news reached New York, confidence soared. SO WE SEND THE INVOICE TO THE SCHOOLS. The services listed in points (a) to (d) of the first subparagraph shall be offered by credit institutions to the extent that they already offer them to consumers holding payment accounts other than a payment account with basic features. 2 No. If yes, what should i do to avoid this. Member States shall ensure that the services referred to in Article 17 are offered by credit institutions free of charge or for a reasonable fee. Hi Shrikanth,if my agency sale goods in cash to someone who is a registered dealar in cash during the year.But the amt. 7 - Goods costing 20,000 destroyed by fire. FacebookTwitterLinkedIn. on June 1, 2020, when the company signs an agreement with the bank for overdraft, on July 1, 2020, when the company uses $10,000 of bank overdraft balance, on July 31, 2020, when the company makes the July 31 adjusting entry. Member States should ensure that credit institutions process applications for a payment account with basic features within the deadlines laid down in this Directive and that, in the event of refusal of such an application, the credit institutions inform the consumer of the specific reasons for the refusal unless such disclosure would be contrary to national security, public policy or Directive 2005/60/EC. On October 22, the Knickerbocker faced a classic bank run. Mr. Joy invested tk. Dear Rajib ..As much as possible, stay cautious when you do cash transactions, try to avoid them. Nothing wrong in depositing whole Rs 10 Lakh in one account if you have enough documentary evidence (property settlement / gift deed), but its better to avoid getting any compliance notice on high cash deposits, sir aur mere ko kya uska pan no lena hoga. All such entities would be required to obtain PAN or Aadhaar of the patient and the payee and also the relationship between them. Sir, I have a handloom shop So, I believe that it should be ok to receive Rs 1 lakh in cash. to use in the business How to show this in ITR? From the bank's opening, the crowd grew. It is current practice for payment service providers to offer a payment account in a package with products or services other than services linked to a payment account, such as insurance products or financial advice. They shall also be provided on paper or another durable medium free of charge upon request by a consumer. 7. As long as you have accounted for this money, kindly do not worry on this.. Iam tranfering everday 20k from my ICICI bank account to My own SBI account to maintain high net balance, My doubt by doing everyday 20K transction, I will face any Tax Issues? Dear Udai, Dear Sha..Any receiver of cash above Rs 2 lakh can be subject to penalty. Member States may establish or maintain measures alternative to those referred to in paragraphs 2 to 6, provided that: it is clearly in the interest of the consumer; there is no additional burden for the consumer; and. Runs occurred at Morse's National Bank of North America and the New Amsterdam National. Production fell by 11% and imports by 26%, while unemployment rose to 8% from under 3%. May 5th 60000 IS IT A VIOLATION OF THIS ACT. This method is more appropriate in assessing the health of the organisation in financial terms. The list shall contain terms and definitions for each of the services identified. taking money from the overdraft loan), it can make the journal entry by debiting the cash account and crediting the overdraft loan account. 8. Also, should we keep anything in mind if the same car comes to our workshop on any other day in the entire year to get work done for service as well? 4 Apr: We take goods costing 340 out of the business stock without paying for them. Furthermore, any additional charges to the consumer for non-compliance with the terms laid down in the contract should be reasonable. about tips. 9. Where they choose to use brand names in the fee information document or statement of fees, this should be in addition to the standardised terms as a secondary designation, such as in brackets or in a smaller font size. After logging in you can close it and return to this page. [29] Two van loads of notes were quickly unloaded, yet even this failed to calm the panic stricken depositors. Dear Kirubananthan ..It wont be considered under Section 269ST. Many people like me are searching the answer for this. This Directive is addressed to the Member States in accordance with the Treaties. I am not sure on this, suggest you to kindly consult a Chartered Accountant! Read latest breaking news, updates, and headlines. Hi Sir Situation 1 The authorisation shall be drawn up in an official language of the Member State where the switching service is being initiated or in any other language agreed between the parties. Some analysts believed that the panic had been engineered to damage confidence in trust companies so that banks would benefit. Competent authorities exchanging information with other competent authorities under this Directive may indicate at the time of communication that such information must not be disclosed without their express agreement, in which case such information may be exchanged solely for the purposes for which those authorities gave their agreement. At this stage, fee terminology should only be standardised for the most representative terms and definitions within Member States in order to avoid the risk of excessive information and to facilitate swift implementation. As per latest news, cash transaction limit on Cash withdrawals from a bank have been removed. The glossary should serve as a useful tool to encourage a better understanding of the meaning of fees, contributing towards empowering consumers to choose from a wider choice of payment account offers. From the post i got to know that i can show only 2 lac in cash. I sell goods to a Dealer as below in three different Invoices on three different dates, April 2nd 150000, if i withdraw 10 lakhs per day or per week will i be liable to pay penalty. The following year, Senator Nelson W. Aldrich, a leading Republican, established and chaired a commission to investigate the crisis and propose future solutions, which led to the creation of the Federal Reserve System.[5][6]. Within two business days from receipt of the authorisation referred to in paragraph 2, the receiving payment service provider shall request the transferring payment service provider to carry out the following tasks, if provided for in the consumers authorisation: transmit to the receiving payment service provider and, if specifically requested by the consumer, to the consumer, a list of the existing standing orders for credit transfers and available information on direct debit mandates that are being switched; transmit to the receiving payment service provider and, if specifically requested by the consumer, to the consumer, the available information about recurring incoming credit transfers and creditor-driven direct debits executed on the consumers payment account in the previous 13 months; where the transferring payment service provider does not provide a system for automated redirection of the incoming credit transfers and direct debits to the payment account held by the consumer with the receiving payment service provider, stop accepting direct debits and incoming credit transfers with effect from the date specified in the authorisation; cancel standing orders with effect from the date specified in the authorisation; transfer any remaining positive balance to the payment account opened or held with the receiving payment service provider on the date specified by the consumer; and. The fees charged for operations above the minimum number of operations should never be higher than those charged under the usual pricing policy of the credit institution. I WANT TO PURCHASE AC IN CASH WORTH RS. Shortly after noon it was forced to suspend operations. Finance is the study and discipline of money, currency and capital assets.It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). We are selling a property of my father (Legal Heirs Mother, Son & 2 Sisters), who is no more, for a value of Rs. This means that the company must have extended a credit line to its c, When transactions are recorded in the books of accounts as they occur even if the payment for that particular product or service has not been received or made, it is known as accrual based accounting. As a result of United Copper's collapse, the State Savings Bank of Butte Montana (owned by F. Augustus Heinze) announced its insolvency. Also tell me if we have debtor in our books amount 500000, and we receive 10000 per day from. We do not mention the party name in cash sale bill below amount of rs. There Morgan told his counselors that he would agree to help shore up Moore & Schley only if the trust companies would work together to bail out their weakest brethren. Competent authorities of Member States having been designated as contact points for the purposes of this Directive in accordance with paragraph 1 shall without undue delay supply one another with the information required for the purposes of carrying out the duties of the competent authorities as set out in the measures adopted pursuant to this Directive. Member States shall ensure that the minimum number of operations is sufficient to cover the personal use by the consumer, taking into account existing consumer behaviour and common commercial practices. The aggressive purchasing would drive up the share price, and, being unable to find shares elsewhere, the short sellers would have no option but to turn to the Heinzes, who could then name their price. Those problems must be tackled and high-quality standards must be achieved. In such cases, before opening a payment account with basic features, the credit institution may verify whether the consumer holds or does not hold a payment account with a credit institution located in the same Member State which enables consumers to make use of the services listed in Article 17(1). Q1. But it depends on different kind of scenarios. The existing Income tax rules do not permit Cash payments beyond Rs 2 lakh as per Section 269ST. This allows more goods and services to be bought than before with the same amount of currency. If you go by current tax law, as a receiver, you may have to bear the penalty. Suggest you to accept the payment in non-cash mode or at least in combination of cash+non-cash transactions. Consumers would benefit most from information that is concise, standardised and easy to compare between different payment service providers. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 $250,000 = $1,500,000. 4. "How Contagious Was the Panic of 1907? However, unlike the loan, after signing the bank overdraft agreement, the company usually does not need to make any journal entry until it starts using the overdraft by withdrawing the money from the overdraft (e.g. Ex post information should be provided in a dedicated document called a statement of fees. Write Journal Entries for the the following transaction in the books of Ram. In 1960, a man named Luther Geroge Simijan invented Bankography, a machine that allowed customers to deposit cash and check the transaction. How the above rule applied in this case ? Even the U.S. Treasury was low on funds. Such access is already ensured by Directive 2013/11/EU of the European Parliament and of the Council(14) in so far as relevant contractual disputes are concerned. In order to support effective and smooth financial mobility in the long term, it is vital to establish a uniform set of rules to tackle the issue of low customer mobility, and in particular to improve comparison of payment account services and fees and to incentivise payment account switching, as well as to avoid discrimination on the basis of residency against consumers who intend to open and use a payment account on a cross-border basis. You may use it for your personal living expenses. In an effort to avoid the disastrous signal that a New York City bankruptcy would send, Morgan contracted to purchase $30 million worth of city bonds. These entries are used in bookkee, QUATIONAccounting Equation DefinitionThe accounting equation, also known as the basic accounting equation or balance sheet equation, is a statement that a company's total asset is the sum of its liability and its shareholder's equity. The smooth functioning of the internal market and the development of a modern, socially inclusive economy increasingly depends on the universal provision of payment services. 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