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Central Government Order: Restriction on ATM withdrawal of huge amounts!
Posted on: 12/May/2022 12:14:08 PM
Every Bank has restricted the withdrawal of cash in large amounts. Cash can be withdrawn every day up to a specified amount by each bank. At the same time, large amounts can be withdrawn directly at the bank branches! However, the Central Government has NOW imposed certain restrictions on cash withdrawal from banks.
In a notification released in this regard by the Central Government Department of Direct Taxation, it is mentioned:
It has been mandatory for the account holders who withdraw or deposit huge amounts in a financial year to furnish details of their PAN (Income Tax Permanent Account Number) or Aadhar Card.
Further, details of personal PAN and Aadhar cards MUST be furnished while opening Savings or other types of bank accounts and indulging in cash transactions.
Especially, the details of the citizens who withdraw or deposit amounts exceeding Rs. 20 Lakhs MUST be furnished by the cooperative banks, Post Offices and the banks.
The central government has explained the main purpose of this action is to make the transactions transparent and also the further developments.
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