Cash withdraw from bank exceeding 2 lakh

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2017 Dear Experts,
Can i withdraw the Rs. 3 Lakh cash from firms's OD A/C in single day? If so what will be consequences,

Thanks In Advance
TANVI AGARWAL

CA Gopal Somani

CA Gopal Somani (Expert)
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05 April 2017 Currently it is debatable, Lots of confusion. Many CA's are having view that Cash withdrawal from bank is included in 269ST and some believes otherwise. A clarification has been asked from FM.
Until we get the clarification its better not to withdraw 200000 in a single day from a bank account. Amount of penalty will be the same amount which is withdrawn.

CA Gopal Somani

CA Gopal Somani (Expert)
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06 April 2017 A press release has been issued. 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

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