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Ban on cash transactions of over Rs 2 lakh not applicable for bank

Ban on cash transactions of over Rs 2 lakh not applicable for bank

Thursday, April 6, 2017, 11:22 AM

The ban on cash transactions of more than Rs.2 lakh a day will not apply to withdrawals from banks, post office savings accounts and cooperative banks, the Central Board of Direct Taxes said. It provides that no one can deal in cash in excess of Rs.2 lakh a single day, in respect of a single transaction or transactions relating to one event or occasion.
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