News APP

NewsApp (Free)

Read news as it happens
Download NewsApp
Home  » Business » 'Tax on cash withdrawal stupid!'

'Tax on cash withdrawal stupid!'

By Vijay Singh in Mumbai
February 28, 2005 14:31 IST
Get Rediff News in your Inbox:

Reacting to Finance Minister P Chidambaram's Budget proposals on Monday, Raman Madhok, Joint Managing Director & CEO, Jindal Iron, said:

"I think the finance minister has done a fairly good job on boosting the infrastructure sector. The other sectors which will benefit are agriculture, food processing and textiles.

"I think this is a growth-oriented Budget, which will help boost rural economy.

"I think the savings and investment potential of people may go up.

"As for the 0.1 per cent tax on cash withdrawal of Rs 10,000 or more per day from banks, well, I think it's a stupid thing to do.

"The idea probably is to increase payments by cheques. I think that this 0.1% tax on withdrawal of Rs 10,000 could be rolled back by the government under pressure."

Get Rediff News in your Inbox:
Vijay Singh in Mumbai
 

Moneywiz Live!