Withdrawing money from bank? Pay tax!

Finance Minister P Chidambaram [ Images ] introduced two anti-tax evasion measures announced to check black money generation, while presenting the Union Budget for 2005-06 in Parliament on Monday.

He has levied 0.1 per cent tax on withdrawal of cash of Rs 10,000 or more from banks on a single day. So if you withdraw Rs 10,000 from the bank on a single day, you will need to pay a tax of Rs 10 on it.

There will be no amnesty scheme for black money.