Date:08/06/2005 URL: http://www.thehindubusinessline.com/2005/06/08/stories/2005060801511701.htm

Back APFCCT opposes cash withdrawal tax

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HYDERABAD: The Andhra Pradesh Federation of Chambers of Commerce and Trade (APFCCT) has opposed the levy of new banking cash transaction tax of 0.1 per cent for withdrawal of Rs 25,000 and more on a single day from current and other non-savings accounts in banks for individuals beyond Rs 1 lakh on a single day for business accounts.

In a statement, Mr A. Vijay Kumar, President, said that traders are already over burdened with professional tax, municipal tax, sales and income-tax, service tax, etc.

He urged the Union Finance Minister, Mr P. Chidambaram, to withdraw the tax.