Mode of undertaking transactions
Mode of undertaking transactions.
269ST. No 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 or through such other electronic mode as may be prescribed:
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. |