We know the current scenario of demonetization of old currency notes of Rs. 1000 and Rs. 500. As every day new news coming in, it is difficult for us to decide what should be the correct step to deposit old notes.
Earlier, Trust and NGOs were already under the radar of the Government before demonetization, now we can predict that more strict control coming in near future.
Let us discuss today about dos and don’ts by NGOs in a Question Answer Round.
Q – Can old notes be deposited in NGOs Bank Account and what is the time limit?
A – Yes, old notes can be deposited in NGOs Bank Account till December 30.
Q – How much cash can be deposited?
A – As such no limits, but not more than the CASH ON HAND AS ON 8th NOV.
Q – Can we take cash donation in Old notes now?
A – No. After 8th Nov, old Rs. 500 and Rs. 1000 notes are not valid tender.
Q – Can we take donation in cash in back dated and thus create more cash balance as on 8th Nov?
A – I suggest NO. Just two days back, not confirmed but, IT (Exemption) of Mangalore has issued notices to NGOs to submit authorized copy of cash books as on 8th Nov with denomination.
Q – Can we deposit cash in FC in old notes?
A – Yes you can deposit old notes in FC account but not more than cash balance of FC books as on 8th Nov. I suggest if the cash balance is not much amount get it exchanges with new notes.
Q – What about staffs advance already given before 8th Nov in old notes?
A – Do not take bake the advance and deposit in the Bank. It is advisable to ask staff members to exchange it.
Q – What about Donation boxes lying outside the offices like at airports, malls etc..?
A – Immediately get all the donation boxes back and record its cash on books as donation and keep photographs before and after opening of boxes or record a video at the time of opening of boxes with the current date newspaper. So that later, NGO can prove that the donation boxes open after 8th Nov and there were old notes which were deposited in the bank.
Q – What is advisable regarding taking donations between 8th Nov to 30th Dec..?
A – As a genuine NGO, one should not accept any donation in CASH during this period. If you received donation in new notes, kindly take the proof of the donors and keep the bank deposit slips.
Earlier, Trust and NGOs were already under the radar of the Government before demonetization, now we can predict that more strict control coming in near future.
Let us discuss today about dos and don’ts by NGOs in a Question Answer Round.
Q – Can old notes be deposited in NGOs Bank Account and what is the time limit?
A – Yes, old notes can be deposited in NGOs Bank Account till December 30.
Q – How much cash can be deposited?
A – As such no limits, but not more than the CASH ON HAND AS ON 8th NOV.
Q – Can we take cash donation in Old notes now?
A – No. After 8th Nov, old Rs. 500 and Rs. 1000 notes are not valid tender.
Q – Can we take donation in cash in back dated and thus create more cash balance as on 8th Nov?
A – I suggest NO. Just two days back, not confirmed but, IT (Exemption) of Mangalore has issued notices to NGOs to submit authorized copy of cash books as on 8th Nov with denomination.
Q – Can we deposit cash in FC in old notes?
A – Yes you can deposit old notes in FC account but not more than cash balance of FC books as on 8th Nov. I suggest if the cash balance is not much amount get it exchanges with new notes.
Q – What about staffs advance already given before 8th Nov in old notes?
A – Do not take bake the advance and deposit in the Bank. It is advisable to ask staff members to exchange it.
Q – What about Donation boxes lying outside the offices like at airports, malls etc..?
A – Immediately get all the donation boxes back and record its cash on books as donation and keep photographs before and after opening of boxes or record a video at the time of opening of boxes with the current date newspaper. So that later, NGO can prove that the donation boxes open after 8th Nov and there were old notes which were deposited in the bank.
Q – What is advisable regarding taking donations between 8th Nov to 30th Dec..?
A – As a genuine NGO, one should not accept any donation in CASH during this period. If you received donation in new notes, kindly take the proof of the donors and keep the bank deposit slips.
