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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

Updated : June 11, 2019 06:52 AM IST

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 Rs 10 lakh in a year, a move to discourage cash usage in the economy and resultant black money.
Paying Rs 30,000-50,000 for Rs 10 lakh annual withdrawal will be seen as a loss, the government thinks and feels this will discourage large cash transactions.
Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

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