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Banks change software to put check on withdrawals
New software will be useful for Income Tax Department to get information on defunct old notes of `500 and `1,000
New software will be useful for Income Tax Department to get information on defunct old notes of `500 and `1,000
Vijayawada: All nationalised and private banks are making changes in their software to impose a check on withdrawals and other daily transactions according to guidelines issued by the Union government. A day after the government announced the withdrawal of Rs 500 and Rs 1,000 currency notes in the country’s biggest crackdown against black money, the bankers are setting new mechanism first time to implement upper limit on withdrawals.
According to an officer of information technology wing officer of State Bank of India, the new software will enable banks to follow the overall limit on withdrawal of Rs 10,000 per day, Rs 20,000 a week and Rs 2,000 per debit card. “This type of software is being introduced first time in the banks” he said. He also said that the new software will identify a person who tried to withdraw cash exceeding upper limit using various identity cards.
Similarly, some changes are being taken up in Automatic Teller Machines (ATM). Cash boxes of Rs 2,000, Rs 500, Rs 100 and Rs 50 will be arranged in the place of demonetised Rs 1,000 and Rs 500 bank notes, he said. On other hand, the new software is said to be useful to Income Tax department to get up to date information on the deposits now defunct old notes of Rs 500 and Rs 1,000 in banks.
An income tax officer said that we may not get day to day information on these transactions, but all the data will be listed in a server which will be useful for automatic scrutiny of deposits by Income Tax Department. The Income Tax officers would compare the information with the cash books of business people, he said.
He further said that the people who deposited old notes have to pay tax and penalty and must face prosecution if it is black money. “It is better to common people who have money because of selling farm land or houses to deposit the money in banks and pay tax when the account came to scrutiny by the Income Tax department,” he said.
