Non-filers: Banks to restrict cash withdrawals above set limit
ISLAMABAD: To impose restriction on economic transactions of non-filers, banks shall not allow cash withdrawal from any of the bank accounts of ineligible persons (non-filers), exceeding the specified threshold under the amended Finance Bill (2025-26).
The new law would be applicable on non-filers from July 1, 2025.
The amended Bill has revised section 114C (Restriction on economic transactions by certain persons) of Finance Bill (2025-26).
Non-filers: Govt decides to hike cash withdrawal limit to Rs75,000
In the original Finance Bill, the government has prescribed that the banking company shall not open or maintain an already opened current or a saving bank or investor portfolio securities account, except Asaan Account and Pensioner Account, in the name of such persons as may be notified by the board.
A banking company shall not allow cash withdrawal from any of the bank accounts of any person, exceeding the amount as may be notified by the Board from time to time, the original Bill added.
After an amendment in the Finance Bill (2025-26), this section has replaced with the new sub-section that, 'a banking company shall not allow cash withdrawal from any of the bank accounts of any person, exceeding the threshold as specified in Fifteenth Schedule', amended Finance Bill added.
Another major amendment relating to pension revealed that where an individual is deriving income under the head 'income from other source' on account of any annuity or pension, such individual shall be charged to tax on his annuity or pension income received at the rate provided in proviso to clause (2) of this Division', amended Finance Bill added.
Copyright Business Recorder, 2025
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