Curbing cash: Withdrawals of over Rs 1 crore at 11.3L crore in FY18

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Published: July 11, 2019 3:48:25 AM

About 2 lakh individuals/business entities withdrew amounts in excess of Rs 1 crore each from their bank accounts in FY18, aggregating Rs 11.31 lakh crore.

Such large-scale cash withdrawals, most without any legitimate economic prompted the government to impose a 2% TDS on such withdrawals. (Representational image)Such large-scale cash withdrawals, most without any legitimate economic prompted the government to impose a 2% TDS on such withdrawals. (Representational image)

About 2 lakh individuals/business entities withdrew amounts in excess of Rs 1 crore each from their bank accounts in FY18, aggregating Rs 11.31 lakh crore.

Such large-scale cash withdrawals, most without any legitimate economic/ commercial rationale, are what prompted the government to impose a 2% TDS on such withdrawals.

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