Restriction on cash transactions

Budget 2017 has proposed to insert Section 269ST in the Income-tax Act, i.e., no person shall receive an amount of Rs 3 lakh or more by way of cash: 
(a) in aggregate from a person in a day; 
(b) in respect of a single transaction; or 
(c) in respect of transactions relating to one event or occasion from a person

If the limit is exceeded, penalty shall be levied.

However, the above limit shall not apply to government, any banking company, post office savings bank or co-operative bank.

The above shall be effective from F.YR 2017-18, i.e with effect from 01st April 2017.

Dear Sir,

Thank you for quick reply. But some one told w.e date is 01-04-2016 only. Govt. shows 01-04-2017 in buget speech but appoval documents from MP's they mentioned w.e 01-04-2016. Is it right? 

Regards

M.RamKumar 

Dear Sir,

No Idea about this point which you have raised now. I have knowledge only about Budget 2017 changes.

If you find any changes.. kindly remember me sir..

Regards

M.RamKumar