Cash transaction limit of Rs.3,00,000/-
This query is : Resolved
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.
06 February 2017
Its for all. But it dosen't apply to the current financial year.
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
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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