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TMI BlogPayment of certain amounts in cashX X X X Extracts X X X X X X X X Extracts X X X X ..... ng on the business of banking; or (iii) a post office, who is responsible for paying any sum, being the amount or the aggregate of amounts, as the case may be, in cash exceeding one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum, deduct an amount eq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the previous year but does not exceed one crore rupees; or (b) an amount equal to five per cent. of the sum where the amount or aggregate of amounts, as the case may be, being paid in cash exceeds one crore rupees during the previous year: Provided further that the Central Government may specify in consultation with the Reserve Bank of India, by notification in the Official Gazette, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard by the Reserve Bank of India under the Reserve Bank of India Act, 1934; (2 of 1934.) (iv) any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Setllement Systems Act, 2007 (51 of 2007.): Provided also that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r (iii) a post office, who is responsible for paying any sum, or, as the case may be, aggregate of sums, in cash, in excess of one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum, deducts an amount equal to two per cent. of sum exceeding one crore rup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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