Cash transaction limit of Rs.3,00,000/-

This query is : Resolved

kiran (Querist)
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06 February 2017 i have come across cash transaction limited to Rs.3,00,000/-. Does it apply to the person who does in small transaction and exceeds the limit in an average either for trading purpose or for a personal use.

Sandeep Dharar

Sandeep Dharar (Expert)
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06 February 2017 Its for all. But it dosen't apply to the current financial year.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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04 October 2021 Applicable from 01/04/2017
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.

PENALTY FOR CONTRAVENTION 100% of Amount Receipt

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