withdrawing 10k+ in cash from your bank account

by Bittu Thu Sep 08, 2011 1:54 pm

means the bank is going to report it to the govt. why?

has anyone ever gotten a call from the govt/IRS/CBI asking why the money was withdrawn?!

by Propagandhi711 Thu Sep 08, 2011 2:18 pm

no but there is a record of money taken out/deposited so they can in the future ask you for explanation and shit. it's a money laundering thing.

by Bittu Thu Sep 08, 2011 2:20 pm

got it. the bank skank didn't say anything until AFTER handing me the cash. she goes, "what's your SSN, we need to report this transaction to the govt" so i was a bit unnerved.

by The Absolute Zero Thu Sep 08, 2011 2:22 pm

10K itself will not draw attention unless the "+" sign indicated much more than 10K.

Propagandhi will faint when he reads this, but once I withdrew 12K and none asked a question and it was Bank of America in MD.

by Propagandhi711 Thu Sep 08, 2011 2:31 pm

Bittu wrote:got it. the bank skank didn't say anything until AFTER handing me the cash. she goes, "what's your SSN, we need to report this transaction to the govt" so i was a bit unnerved.

it's not a huge concern - just a record somewhere that you transacted a bit more than 10k. bigger concern is the FBAR shit. it's making a lot of ppl nervous.

by Bittu Thu Sep 08, 2011 2:51 pm

Propagandhi711 wrote:

it's not a huge concern - just a record somewhere that you transacted a bit more than 10k. bigger concern is the FBAR shit. it's making a lot of ppl nervous.

yeah that FBAR shit. I moved 150k to an ICICICICICICICI account in 2006. It still has ~20k in it. I didn't declared it in my 2010 tax returns. Will see what happens.

by Propagandhi711 Thu Sep 08, 2011 3:55 pm

dude - good luck. deadline for reporting interest income and paying penalties, the socalled amnesty is sept9th. it's a shitty bargain any way you look at it.

by Bittu Thu Sep 08, 2011 6:41 pm

Propagandhi711 wrote:dude - good luck. deadline for reporting interest income and paying penalties, the socalled amnesty is sept9th. it's a shitty bargain any way you look at it.

nothing's going to happen. i moved the money in 2006. now i have 20k sitting in it now. they're not going to go after me. small fish.

i dunno why desis in the US are a spanked lot. India mein sher, US mein g phati rehti hai all the time.

by Marathadi-Saamiyaar Thu Sep 08, 2011 11:46 pm

Bittu wrote:
Propagandhi711 wrote:dude - good luck. deadline for reporting interest income and paying penalties, the socalled amnesty is sept9th. it's a shitty bargain any way you look at it.

nothing's going to happen. i moved the money in 2006. now i have 20k sitting in it now. they're not going to go after me. small fish.

i dunno why desis in the US are a spanked lot. India mein sher, US mein g phati rehti hai all the time.

Dude:

If the IRS pulls you up, you can come clean and tell them what you did and why you did and offer to pay any interest penalty retroactively - and nothing is likely to happen.

If the Indian ED had caught you with a similar thing not only they will harass you for the rest of your life, they will also take all your money.... Razz

In the US, the worst they will do is to find out about your Peeing felony.... Wink

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