1.75L entities withdrew over R 1cr each from bank A/cs in 1 yr

Over 1.75 lakh entities withdrew more than Rs 1 crore each from their bank accounts in 2017-18, adding up to Rs 11 lakh crore, data revealed. ​Sources said the data threw up instances when money was mostly used for illicit purposes. ​Through the proposed 2% tax deduction at source, the government hopes to improve tracking of entities that withdraw large amounts of cash.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2L6qaRw
via IFTTT