How much Tax Deduction at Source(TDS) will be deducted on cash withdrawals of over Rs 1 crore from September 1, 2019?

The Department of Revenue notified that 2% tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1, 2019. The government had made this provision in the Union Budget 2019-20 with an aim to discourage cash transactions and move towards less cash economy.