Section 269st applicablity for lic.

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2018 Dear all, i have a query regarding applicability of Sec.269ST to Life Insurance Corporation, the section speaks as follows,
"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,
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",
So, no where it is mentioned about applicability of Sec.269ST, where in It clearly specifies that Sec.269SS is not applicable to corporations enacted by cenre, state or Local authorities,
hence dear experts, please clarify me whether LIC can accept cash more than or equal to Rs.2,00,000/-.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

29 May 2018 I am not sure but no company can accept such deposits in limits said by you

Secondly as per my experience no insurance company receives cash of more than 50000 with same pan no from any customer in market these days

Querist : Anonymous

Querist : Anonymous (Querist)

30 May 2018 Thanks for the reply but want the reply more accurate and detail sir.

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