Let me help you with an answer to your query:
Can we keep cash in bank locker
? While bank lockers are a secure option for storing valuables such as jewelry, important documents, and other precious items, using them to store cash is not allowed. Legally, there is no explicit prohibition against keeping cash in bank lockers. However, it is important to understand the implications and limitations associated with this practice.
Can We Put Cash in Bank Locker?
Banks provide lockers as a service and are not responsible for the contents stored inside. This means they do not insure the contents or take accountability for theft or loss due to unforeseen events. If cash stored in a locker is stolen or damaged, the customer bears the loss unless they have separate insurance coverage for it.
Additionally, the Reserve Bank of India (RBI) and other regulatory authorities strongly recommend using bank accounts for storing cash to ensure transparency and accountability.
Keeping large amounts of cash in lockers can raise suspicion about the source of funds during audits or investigations, especially if the cash is unaccounted for or not declared in financial records.
This could lead to legal complications, including penalties for tax evasion. I hope your query about
can we keep cash in bank locker
should be solved.
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Can We Keep Cash in Bank Locker?
akash
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2024-11-27T17:42:35+00:00 2024-11-27T17:42:36+00:00Comment
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