Proposed section 269st
This query is : Resolved
rishabh bhatia
(Querist)
21 March 2017
Whether a person can take cash above Rs 200000 for his 2 bills of 150000Rs
CA Gopal Somani
(Expert)
21 March 2017
‘269ST. No person shall receive an amount of three 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:
So one person one day – above 3 lacs – not allowed even though he may be paying for various transactions which individually are below 3 lacs.
(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:
So one person one day – above 3 lacs – not allowed even though he may be paying for various transactions which individually are below 3 lacs.
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