Reserve Bank of India (RBI) will put in place a software for banks to deduct the new bank cash transaction tax (BCTT) from the current and fixed deposit accounts of individuals who withdraw cash above Rs 25,000 on a single day."The system would be ready by the time the Finance Bill, 2005 is passed in the upper house of the Parliament and gets President's assent," a finance ministry official said.Although it is not clear how the tax would be deducted, sources in the banking industry said it may be deducted from the account as is done for interest income of fixed deposits.
