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Software for cash withdrawal tax
Special Correspondent
NEW DELHI:
Having let the savings bank account holders off the hook, the Government is determined to zero in on huge cash withdrawal transactions from current and other accounts in its bid to trail black money. Already, the Reserve Bank of India, according to Finance Ministry sources, has commissioned the preparation of a new software which is to be used by banks for deducting the 0.1 per cent bank cash transaction tax on withdrawals of more than Rs 25,000 in a single day for keeping a "tax trail" on the huge suspicious transactions. The new system would be ready for introduction by the time the Finance Bill is approved by Parliament and finally enacted.
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