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Cash withdraw from bank exceeding 2 lakh

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 April 2017 Dear Experts,
Can i withdraw the Rs. 3 Lakh cash from firms's OD A/C in single day? If so what will be consequences,

Thanks In Advance
TANVI AGARWAL
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CA Gopal Somani

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CA Gopal Somani (Expert)
05 April 2017 Currently it is debatable, Lots of confusion. Many CA's are having view that Cash withdrawal from bank is included in 269ST and some believes otherwise. A clarification has been asked from FM.
Until we get the clarification its better not to withdraw 200000 in a single day from a bank account. Amount of penalty will be the same amount which is withdrawn.
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CA Gopal Somani

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CA Gopal Somani (Expert)
06 April 2017 A press release has been issued. Cash withdrawal from bank is not included under 269ST Below is the link https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/610/Press-Release-on-promoting-Digital-Economy-5-4-2017.pdf
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