1No person shall receive an amount of two 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:
Provided that the provisions of this section shall not apply to-
(i) any receipt by-
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(ii) transactions of the nature referred to in section 269SS;
(iii) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.
Explanation.-For the purposes of this section,-
(a) "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;
(b) "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.
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1. Ins. by Act 7 of 2017, s. 84 (w.e.f. 1-4-2017).
Section 269ST Mode of undertaking transactions
Section 269T Mode of repayment of certain loans or deposits
Section 269TT Mode of repayment of Special Bearer Bonds, 1991
Section 269U Commencement of Chapter
Section 269UB Appropriate authority
Section 269UC Restrictions on transfer of immovable property
Section 269UE Vesting of property in Central Government
Section 269UF Consideration for purchase of immovable property by Central Government