Section 269st

Section 269st states

1. Person should not recieve more than 200000 in cash.this is to be noted that 200000 limit is per person.

so in given case retailer though is receiving more than 200000 in cash that is from different customers 269st penality shall not be attracted to this transaction.

2. the retailer is depositing the proceeds in the bank .

section 269st provision does not have banks in its ambit . bank can receive any amount in cash per day..

 3.the pointo be noted that there is limit on withdrawal of money from bank but not deposit.

we cannot withdraw only 2lacs perday putting all banks together.

Thanks :)

Just to clarify it further, when these retailers deposit money in my current account, the bank shall be considered the receiver in this transaction? Although the banks receive cash but it is still being deposited in my bank account and I am the beneficiary. 

Dear Meet,

269st main objective is to discourage receiving cash in persons.

as u explained it furthur, these retailers are depositing into your bank account

here there are two transactions happening

1.btw you and retailer 

2.btw retailer and customer.

as far as u involved in transaction you r selling to retailer and he is paying you by bank .. 269st will not apply 

thanks for query meet hav a nice day