Banking cash transaction tax on high-value cash dealings with banks requires bank collection and monthly remittance to the government. A Banking Cash Transaction Tax is proposed on specified cash dealings with scheduled banks exceeding a prescribed daily threshold-cash withdrawals, cash purchases of bank drafts/banker's cheques or similar instruments, and cash received on encashment of term deposits. The tax is a percentage of the transaction value, collected by scheduled banks from the person entering the transaction and remitted monthly to the Central Government. Provisions set out valuation, collection duties, returns, assessment powers, correction of orders, interest and penalties for non-compliance, appeal routes, criminal penalties for false statements, and a consequential deduction for tax paid under the income-tax law.