1.75L entities drew Rs 1 cr each from 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 Times of India https://ift.tt/2L6qaRw