Hi guys,
My cousin operates a Muslim Pilgrimage Tour business and has an annual Turnover of 1Cr+
Most of his customer prefer to transact in cash and so he wastes a lot of time travelling to meet people to pickup cash and then more so to deposit it in his cooperative bank account.
Would highly appreciate suggestions on what bank account would suit his banking needs (eg. Something that has good doorstep cash collection, etc) and if there's any service that can do cash collection from customers?
Also, he isn't much financially literate and so would appreciate if you can flag any point of concerns regarding taxation, regarding his business model of doing large cash deposits.
My cousin operates a Muslim Pilgrimage Tour business and has an annual Turnover of 1Cr+
Most of his customer prefer to transact in cash and so he wastes a lot of time travelling to meet people to pickup cash and then more so to deposit it in his cooperative bank account.
Would highly appreciate suggestions on what bank account would suit his banking needs (eg. Something that has good doorstep cash collection, etc) and if there's any service that can do cash collection from customers?
Also, he isn't much financially literate and so would appreciate if you can flag any point of concerns regarding taxation, regarding his business model of doing large cash deposits.