If a customer withdraw more than 2lakh then he has to pay % penalty withdrawal amount above 2lak

If a customer withdraw more than 2lakh then he has to pay % penalty withdrawal amount above 2lakh as per finance bill 2017?

 

No , if tansaction is made through banking system in cash there is no any penalties

 

No,That is for single cash payment of more than 2 lakh. He may with draw any amount but he should not pay more than 2 lakh in cash to a single person.

 

Cash payment to a single person to other of more than 2 lakh is not allowed .Suppose he has withdraw ₹3 lakh he may pay ₹1.25 lakh to one n ₹1.75 lakh to another.

 

As per above Section 269 SS, As I understand, Only bank and Government authority, who are authorised to transact above 2 Lakh are to be allowed. No individual or private organization are not allowed. But I doubt Is any circular is there or not ..

 

its an act biswajeet,the finance act 2017,it is issued by CBDT not rbi

 

Income Tax department has warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to ‘blackmoneyinfo@incometax.gov.in’.The government has banned cash transactions of Rs 2 lakh or more from April 1, 2017, through the Finance Act 2017. The newly inserted section 269ST in the Income Tax Act bans such cash dealings on a single day, in respect of a single transaction or transactions relating to one event or occasion from an individual.“Contravention of Section 269ST would entail levy of 100 per cent penalty on receiver of the amount,” the tax department said in a public advertisement in leading dailies.In the 2017-18 Budget, Finance Minister Arun Jaitley had proposed to ban cash transaction of over Rs 3 lakh. This limit was lowered to Rs 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha in March.