Debunking the Viral Cash Deposit Rule: RBI Clarifies Misinformation
In India, where people rely on bank accounts to safeguard their earnings, rumors spread quickly. A recent viral WhatsApp message claims that the Reserve Bank of India (RBI) implemented a new rule: bank accounts would be closed if deposits exceeded Rs 30,000. Let’s delve into the reality of this viral message and understand the actual Cash Deposit Rules.
The Truth Unveiled:
Contrary to the circulating message, there is no truth to the claim that RBI Governor Shaktikanta Das issued such a rule. This misinformation has been debunked by the Press Information Bureau (PIB) through a fact-check, reassuring the public that no such decision has been made.
RBI’s Cash Deposit Rules:
RBI does have rules concerning cash deposits, but they differ from the viral message. Currently, there is no restriction on deposit amounts in a regular bank account. However, if the deposit exceeds Rs 10 lakh in a savings account within a year, the account holder is required to inform tax authorities during the income tax return filing.
PIB’s Fact Check:
To alleviate concerns and prevent the spread of misinformation, PIB conducted a fact check on the viral message. Through a tweet, PIB clarified that the claim of an RBI announcement was entirely false and that there was no need to trust such messages.
If individuals encounter doubtful messages or news, they can utilize the PIB’s fact-checking service. By visiting their website (pib.gov.in) or forwarding the questionable message to their WhatsApp number (+918799711259), PIB will investigate and provide updates on the message’s authenticity.
In conclusion, the viral Cash Deposit Rule claiming closure of bank accounts for deposits exceeding Rs 30,000 is baseless. It is essential to rely on credible sources and fact-checking agencies like PIB to ensure accurate information. Stay informed and connected with reliable sources to avoid falling victim to misleading messages.
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Frequently Asked Questions (FAQs) – Cash Deposit Rules in India
Q1: Is it true that RBI has issued a new rule, and bank accounts will be closed if deposits exceed Rs 30,000?
A: No, this claim is false. There is no such rule issued by the Reserve Bank of India (RBI). The misinformation has been debunked by the Press Information Bureau (PIB).
Q2: What are the actual Cash Deposit Rules according to RBI?
A: As per RBI, there is no specific limit on cash deposits in regular bank accounts. However, if the cash deposit in a savings account exceeds Rs 10 lakh within a year, the account holder must inform tax authorities during income tax return filing.
Q3: How can I verify the authenticity of such messages or news?
A: You can utilize the fact-checking service provided by the Press Information Bureau (PIB). Forward suspicious messages to their WhatsApp number (+918799711259) or visit their website (pib.gov.in) for verification.
Q4: What did PIB say about the viral message regarding the closure of bank accounts?
A: PIB conducted a fact-check and declared the viral message false. Through a tweet, PIB clarified that RBI had not made any such decision, and there is no need to trust such messages.
Q5: Are there any limits on cash deposits in current bank accounts?
A: Currently, there is no specific limit on cash deposits in current accounts. However, details of all cash deposits should be provided while filing the Income Tax Return (ITR).
Q6: Can I deposit as much money as I want in my bank account?
A: Yes, there is no restriction on the amount you can deposit in your regular bank account. However, for substantial amounts exceeding Rs 10 lakh in a savings account within a year, informing tax authorities is necessary.
Q7: How frequently does RBI update cash deposit rules?
A: RBI may issue updates to banking rules as needed. It’s essential to stay informed through official announcements and reliable sources for the latest information.
Q8: What should I do if I receive similar misleading messages?
A: If you come across doubtful messages, forward them to PIB’s WhatsApp number (+918799711259) for verification. Rely on credible sources and official announcements to avoid spreading misinformation.