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.

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