This notification, S.O. 3427(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, specifies an exemption to Section 194N of the Income-tax Act, 1961. Effective from September 1, 2019, the Central Government, after consulting with the Reserve Bank of India, specifies that commission agents or traders operating under an Agriculture Produce Market Committee (APMC) and registered under relevant state laws are exempt from certain cash withdrawal limitations. This exemption applies if the agent/trader has provided their account number (used for cash withdrawals exceeding one crore rupees in the previous year), Permanent Account Number (PAN), and details of the previous year to the bank/cooperative society/post office. They must also certify that the cash withdrawals exceeding one crore rupees are solely for payments to farmers for agricultural produce purchases. The banking institution must verify the PAN's accuracy and the APMC registration, retaining necessary evidence. The notification number is 70/2019 and the F. No. is 370142/122019-TPL Part-1. Saurabh Gupta, Under Secretary, Tax Policy and Legislation Division, is the contact person.
Key Entities Referenced
Income-tax Act, 1961: A law related to income tax in India, mentioned in the context of powers conferred by clause (v) of the proviso to section 194N.
Central Board of Direct Taxes: A department under the Ministry of Finance responsible for direct tax administration.
Reserve Bank of India: The central bank of India, consulted by the Central Government.
Agriculture Produce Market Committee: An organization operating under state law related to agriculture produce markets. Referred to as APMC.
Permanent Account Number: A unique identification number (PAN) required for financial transactions in India.
Ministry of Finance: The government ministry responsible for financial matters, including the Department of Revenue and the Central Board of Direct Taxes.
Department of Revenue: A department under the Ministry of Finance.
Saurabh Gupta: Under Secretary, Tax Policy Legislation Division
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4927 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th September, 2019
(INCOME-TAX)
S.O. 3427(E).—In exercise of the powers conferred by clause (v) of the proviso to section 194N of the
Income-tax Act, 1961 (43 of 1961), the Central Government after consultation with the Reserve Bank of India,
hereby specifies the commission agent or trader, operating under Agriculture Produce Market Committee
(APMC), and registered under any Law relating to Agriculture Produce Market of the concerned State, who has
intimated to the banking company or co-operative society or post office his account number through which he
wishes to withdraw cash in excess of rupees one crore in the previous year along with his Permanent Account
Number (PAN) and the details of the previous year and has certified to the banking company or co-operative
society or post office that the withdrawal of cash from the account in excess of rupees one crore during the
previous year is for the purpose of making payments to the farmers on account of purchase of agriculture
produce and the banking company or co-operative society or post office has ensured that the PAN quoted is
correct and the commission agent or trader is registered with the APMC, and for this purpose necessary
evidences have been collected and placed on record.
2. The notification shall be deemed to have come into force with effect from the 1st day of September,
2019.
[Notification No. 70/2019/F. No. 370142/12/2019-TPL (Part-1)]
SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division)
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective
effect to this notification.
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