Mode of undertaking transactions
Mode of undertaking transactions.
186. (1) No person shall receive an amount of Rs. 200000 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, |
except through—
| (i) | an account payee cheque; or | |
| (ii) | account payee bank draft; or | |
| (iii) | electronic clearing system through a bank account; or | |
| (iv) | any other electronic mode, as may be prescribed. |
(2) Sub-section (1) shall not apply to—
| (a) | any receipt by Government, any banking company, post office savings bank or co-operative bank; | |
| (b) | transactions of the nature referred to in section 185; | |
| (c) | such other persons or class of persons or receipts, as may be notified by the Central Government. |