06 April 2017
No, It will not be applicable. A Press release has been issued by CBDT.
Cash withdrawal from bank is not included under 269ST Below is the link http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf
06 April 2017
Yes, there was too much confusion around it earlier so it was better to advice against more than 2 lakh withdrawal. Now after this press release everything's clear.