Cash receipt in excess of ₹ 3 Lakh., Income Tax

[CA AJAY KUMAR AGRAWAL]

As per proposal in Finance Bill 2017, a new section 269ST has been inserted prohibiting receipt of cash in excess of ₹ 3 Lakh. Banks / FIs / NBFCs have been exempted. (I feel these are exempted in both capacity i.e .as payer & payee as well) Whether cash withdrawal from bank (by ordinary person) in excess of ₹ 3 Lakh is also covered?

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[MARIAPPAN GOVINDARAJAN]

Clarification in this regard is expected from RBI