08 February 2017
As per proposal in Finance Bill 2017, a new section 269ST has been inserted prohibiting receipt of cash in excess of Rs 3 Lakh. Banks / FIs / NBFCs have been exempted. (I feel these are exempted in both capacity i.e .as payer & payee as well) Whether cash withdrawal from bank (by ordinary person) in excess of Rs 3 Lakh is also covered?
CAclubindia
