Soon you may have to pay tax on cash withdrawal of Rs 10 lakh a year

In order to encourage digital transaction and crack down on black money, the Narendra Modi-led NDA government may soon start taxing those who withdraw more than Rs 10 lakh in cash in a year, Times of India reported on Monday.The government may also mandate Aadhaar authentication for all high-value cash withdrawals in order to track individuals and tally tax returns.

Earlier this week, the Reserve Bank of India said it would waive the fee currently imposed on banks for using its NEFT/RTGS payment servers. The central government also said it was setting up a panel to review charges imposed by banks