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About Debit Frozen Accounts

Reserve Bank of India (RBI) vide its Circular DBR.AML.BC.48/14.01.01/2016-17, has informed Banks that all accounts where the requirement of submitting PAN or Form-60 (in terms of Rule 114B of the Income Tax Rules) has not been complied with, shall not be permitted for any debit transactions, transfer or otherwise, where both the following thresholds have been reached: (a) Balance of Rs.5 Lacs and above; and (b) The total deposits (including credits by electronic or other means), made after 09.11.2016, exceeds Rs.2 Lacs. In accordance with this directive, debit freeze/restriction has been applied on all such accounts. Read the circular here for more details.

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