22 March 2017
Dear Experts, Pls clarify my following doubt relate to sec 269ST....1) can a person pay the amount of 4 Lakh through 2 cheque of two two lakh to single person... 2) can we deposite the cash more then 3 lakh in our bank account in single day....3) can we receive cash of 4 lakh in single day from two different person...4) can we receive the cheque of more then 3 lakh from one person?
22 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:
The following restriction will not be applicable to government, any of the banking companies dealing in financial transactions, post office savings bank or co-operative bank.
Answer to your Qns -
1. Yes, It should be A/c payee cheques. 2. Yes, Banks are exempt. 3. If you are receiving cash less than 3 lakh each from 2 different persons then its fine. 4. Receiving cheques (A/c Payee) is fine.
CAclubindia
