Thursday, April 06, 2017

Ban on cash dealings not applicable for bank, post office withdrawals

New Delhi: Ban on trade exchange out overabundance of Rs 2 lakh won't be material to withdrawals from banks and mail station investment accounts, the wage impose office said on Wednesday.

In an illumination on the recently embedded Section - 269ST - in the I-T Act, the Central Board of Direct Taxes (CBDT) said the confinement might not have any significant bearing to withdrawal from banks and post workplaces.

"It has likewise been chosen that the confinement on money exchange might not have any significant bearing to withdrawal of money from a bank, co-agent bank or a mail station investment funds bank," the announcement said.

It said essential notice in such manner would be issued.

In the 2017-18 Budget, Finance Minister Arun Jaitley had proposed to boycott money exchange of over Rs 3 lakh. This point of confinement was brought down to Rs 2 lakh as a correction to the Finance Bill, which was passed by the Lok Sabha a month ago.Read more:-International Database
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