Cash limit

1. Sec 269ST which deals with cash transactions exceeding Rs. 2 lakhs per day in a single transaction with the same individual. Any cash transaction above Rs. 2 lakhs will be punishable with the same amount of penalty.  
2. In case of receipt through cash, it should not exceed Rs. 2 lakhs in a day from the same person for a single transaction. 
3. So the maximum amount which is allowed under sec 269ST will be Rs. 2 lakhs and it cannot be more than that. 
Please correct me if the above solution has an alternative view.