Ban on cash transaction above Rs 2 Ik not applicable to withdrawals from banks, post office

摘要

The Central Board of Direct Taxes (CBDT) has said that the ban on cash transactions of more than Rs.2 lakh a day will not be applicable to withdrawals from banks, post office savings accounts and cooperative banks. The Finance Act 2017 called to impose a penalty equal to the transacted amount on those who violated the rule restricting cash transactions.