A warning bell has rung already.
A warning bell has rung already. Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year. withdrawing a cumulative ₹ 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹ 10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Finance ministry may impose a rule on possessing cash on hand. There is a talk going on that having cash of more than 5 Lakh may not be permitted. Let us wait for a few more months to see Govt initiative on this. Government's intention is to reduce the black money. The good initiative only. But slowly digital currency will only be available. Especially after GST implementation and demonetization App ba