Respected experts,
As per the new Bank rullings, there is a maximum cash withdrawal limit of Rs.2,00,000/- in a day.But there is a confusion whether the limit is restricted for a day of transaction or it is limit for a period of one month. In other words how many rupees can be withdrawn in cash from the bank in a month.
Please examine the issue and guide me accordingly.
Thanks.
Yours faithfully,
R.N.Shah.
" The said restriction is not applicable to any receipt by Government, banking company, post office savings bank or co-operative bank. 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. Necessary notification in this regard is being issued."
CBDT clarification
No person shall receive an amount of Rs 2 lakh or more, in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account,
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