Proposed section 269st

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rishabh bhatia

rishabh bhatia (Querist)
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21 March 2017 Whether a person can take cash above Rs 200000 for his 2 bills of 150000Rs

CA Gopal Somani

CA Gopal Somani (Expert)
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21 March 2017 ‘269ST. No person shall receive an amount of three lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

So one person one day – above 3 lacs – not allowed even though he may be paying for various transactions which individually are below 3 lacs.