To all thinking it as a bad move I would like to say that 10lacs is currently a huge amount. I don't think even 10% of the population will withdraw that much amount in a year.
For all those who does for any reasons can just shift to swiping your card and use wallets instead of cash as pentration of cards and wallets is quite good all over the country. Hence this can be an alternative.
The only thing which needs a changes is bank charges. We are paying hefty charges these days for using our own money from the banks. Cash deposit charges, cash limit fees etc should be completely removed as its quite natural that if the amount is shown in books it will have to be accounted and we will be paying tax for that amount.