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Tax to be levied on cash transaction over Rs 50,000

NEW DELHI: In an effort to discourage cash transactions throughout the country, the Chief Minister Sub Committee on Digital Payment today recommended to levy banking cash transaction tax (BCTT) on withdrawal of Rs 50,000 from banks.

The committee-headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu submitted the interim report on digital payment to Prime Minister Narendra Modi here.

Addressing the mediapersons here, Mr Naidu said, “To curb use of cash for large transaction consider levy of Banking Cash Transaction Tax of Rs 50,000 and above.”  (AGENCIES)

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