Govt mulling tax on cash withdrawal of Rs 10 lakh a year


The government is looking at the possibility of introducing a tax on those withdrawing Rs 10 lakh in cash a year as it seeks to discourage the use of paper currency, crack down on black money and promote use of digital payments for all manner of transactions. Government sources told TOI that another proposal under consideration is mandating Aadhar authentication for all high- value cash withdrawals, which it believes will make it easy to track individuals and tally tax returns. 

read more at http://timesofindia.indiatimes.com/articleshow/69718027.cms