Necessity of filing SFT during the Pre Demonetization & Post demonetization Period

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District Co-operative Bank, Rural Banks have to furnish the detailed statement of Financial Transaction (SFT) for the Post demonetisation period 09-11-2016 to 30- 12-2016 & 01 04-2016 to 08-11 2016 with unusual flow of cash deposit by Friday i.e. till 10-02-2017, failing which department will take necessary action. The jurisdictional authority, for filers of SFT of Bihar & Jharkhand, is Director of Income tax (Intelligence & Criminal Investigation Patna.

There are 38 Co-operative  banks and  5  rural banks  in  Bihar &  Jharkhand region which are required to file SFT by 31-01-2017 in respect of cash deposits made in current accounts by account holders of Rs. 12.5 Lacs & above and other accounts of Rs. 2.5 Lacs and above for the period of 01-04-2016 to 08-11-2016 & the post demonetisation period i.e. 09-11-2016 to 30 12-2016. For  this  purpose outreach programmes were also organised by  Directorate  of  Income  Tax  (Intelligence & Criminal Investigation), Patna in the month of January in Patna, Ranchi, Muzaffarpur, Dhanbad & Bhagalpur.

In outreach programme, the SFT filers were apprised with the notification dated 15-11-2016 & 06-01-2017 regarding filing of SFT & presentations were given to make them aware how they have to file SFT by Registering themselves on online through E-filing Portal & obtaining ITDREIN.

All the co-operative Banks & Rural Banks should file their SFT without any fail by 10-02 2017, otherwise they will be liable to face action in accordance with the provisions laid down under I T Act, 1961.