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Just 448 entities withdrew over ₹ 100 crore each taking the cumulative withdrawal to ₹ 5.56 lakh crore in cash from bank accounts in one year, prompting the government to clamp down with a TDS on withdrawals of more than ₹ 1 crore.
Almost 2 lakh individuals and business entities withdrew more than ₹ 1 crore in cash from bank accounts in 2017-18, official data showed.
These entities had cumulatively withdrawn over ₹ 11.31 lakh crore.
Finance Minister Nirmala Sitharaman in her Budget speech said “To discourage the practice of making business payments in cash, I propose to levy TDS of 2 per cent on cash withdrawal exceeding ₹ 1 crore in a year from a bank account .
Over 1.03 lakh entities made cash withdrawals in the range of ₹ 1-2 crore in 2017-18, totalling more than ₹ 1.43 lakh crore.
While 58,160 entities have cumulatively withdrawn cash over ₹ 1.75 lakh crore in the range of ₹ 2-5 crore, as many as 14,552 have withdrawn a total of ₹ 98,900 crore in the range of ₹ 5-10 crore.
Besides, over 7,300 people have withdrawn ₹ 1.57 lakh crore and the withdrawal value range from ₹ 10-100 crore.
As many as 448 firms have withdrawn more than ₹ 100 crore in cash cumulatively withdrawing ₹ 5.56 lakh crore during fiscal 2017-18.
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