Complication while withdrawing money


Dear Sir/ Madam

Does a bank manager have any authority to freeze any account for high value transaction? actually one of friends in trouble withdrawing money which he got as a result of maturaty of a fixed deposit account but the branch manager insist him to provide ITR unless which he won't be able withdraw money from his account. Please help.

 
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Advocate

He would not have frozen the Account.  Rather, if he wants to be cautious and satisfy himself about the veracity and genuineness of the huge flow of funds into any account, he can certainly ask the account holder to explain.  

When you say high value transaction, it is not clear what is the amount like?   

 
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Lawyer in Hyderabad.Email Id:ramachary64@gmail.com

Limits on Cash withdrawals from Bank accounts and ATMs - Restoration of status quo ante

Please refer to circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 placing limits on Cash withdrawals from bank accounts and ATMs in the wake of withdrawal of Legal Tender Character of Specified Bank Notes (SBN) and subsequent circulars DCM (Plg) Nos.12561274131714372142 and 2559 dated November 11, 14, 21, 28, December 30, 2016 and January 16, 2017 respectively, providing for relief and relaxations therefrom.

2. On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:

  1. Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.

 
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I'm ignorant of this subject.     I'm still confused.

 
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