Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Rs 2 lakh limit not applicable on bank withdrawals    </title>
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-PTI

NEW DELHI: Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.

Through the Finance Act 2017, the government has banned..."/>
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NEW DELHI: Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.

Through the Finance Act 2017, the government has banned..." />
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                            <div align="justify">-PTI<br /><br /><em>NEW DELHI: </em>Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.<br /><br />Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver.<br /><br />In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices.<br /><br />&quot;It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank,&quot; the statement said.<br /><br />It said necessary notification in this regard would be issued.<br /><br />In the 2017-18 Budget, finance minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha last month.<br /><br />The said restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, the CBDT said.<br /><br />The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy.<br /><br />According to the rule, no individual can deal in cash in excess of Rs 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms" title="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms">click here</a> to read more. <br /></div>                                                           
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NEW DELHI: Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.

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                            <div align="justify">-PTI<br /><br /><em>NEW DELHI: </em>Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.<br /><br />Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver.<br /><br />In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices.<br /><br />&quot;It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank,&quot; the statement said.<br /><br />It said necessary notification in this regard would be issued.<br /><br />In the 2017-18 Budget, finance minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha last month.<br /><br />The said restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, the CBDT said.<br /><br />The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy.<br /><br />According to the rule, no individual can deal in cash in excess of Rs 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms" title="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms">click here</a> to read more. <br /></div>                                                           
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NEW DELHI: Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.

Through the Finance Act 2017, the government has banned..."/>
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    <h1 class="cat-box-title">Rs 2 lakh limit not applicable on bank withdrawals</h1>
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                            <div align="justify">-PTI<br /><br /><em>NEW DELHI: </em>Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.<br /><br />Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver.<br /><br />In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices.<br /><br />&quot;It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank,&quot; the statement said.<br /><br />It said necessary notification in this regard would be issued.<br /><br />In the 2017-18 Budget, finance minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha last month.<br /><br />The said restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, the CBDT said.<br /><br />The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy.<br /><br />According to the rule, no individual can deal in cash in excess of Rs 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms" title="http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms">click here</a> to read more. <br /></div>                                                           
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Home हिन्दी

Rs 2 lakh limit not applicable on bank withdrawals

Published on Apr 6, 2017   Modified on Apr 6, 2017

-PTI NEW DELHI: Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver. In a clarification on the newly inserted Section 269ST in the I-T Act, the Central Board of Direct Taxes (CBDT) said the restriction shall not apply to withdrawal from banks and post offices. "It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank," the statement said. It said necessary notification in this regard would be issued. In the 2017-18 Budget, finance minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha last month. The said restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, the CBDT said. The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy. According to the rule, no individual can deal in cash in excess of Rs 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual. Please click here to read more.

The Times of India, 5 April, 2017, http://timesofindia.indiatimes.com/business/india-business/ban-on-cash-dealings-not-applicable-for-bank-po-withdrawals/articleshow/58034383.cms

Tagged with: Central Board of Direct Taxes (CBDT) Cash Withdrawal Cash Transactions

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