21 February 2013
What are the statutory restrictions on receipt of physical cash on sale of assets/ sale of goods/services? What are implications on recipient? Not concerned about the problems of cash payer.
Please quote the sections and specific acts if possible.
21 February 2013
According to Sec 269ss, you can't receive physical cash against any thing in excess of Rs.20000 (whether it is unsecured loan or sale of assets whatever) !
21 February 2013
You can check out this link "https://www.caclubindia.com/experts/excess-recd-of-payment-more-than-20000-in-cash-970635.asp#.USXq_h08Dvk"
22 February 2013
There is no provision regarding this. The provision only says that you cannot pay, it does not mention whether you can receive or not.
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