Cash purchase for b2b goods over rs 10000

1041 views

Save Share

gekco

B.Com

144 Points Posted on 19 May 2018

Hello Sir,

Can anyone clarify the rules for B2B buyers on Purchase of Goods in cash of more than Rs 10000. Because, we buy goods from many wholesalers from different cities of India and they ask for 100% payment in cash before giving Goods.

I know there is 2 lakh limit for "Sellers" but what is the rule for buyers on cash purchases of 30-40K in single day from one wholesaler. Are our purchase bills valid or not ?

Thank You

Replies (9)

Jatin

Accountant

1878 Points Posted on 19 May 2018

You can't pay more than 10000 for purchase of goods per supplier otherwise 100% penalty

gekco

B.Com

144 Points Posted on 19 May 2018

Hello Sir, Then what is the option, if seller asks for 100% payment , Cheque processing takes 2-3 days . If we give cheque then what is the guarantee if supplier do not deliver goods after cheque is processed or create problems. How can we trust a seller in different city that we give him cheque and he will deliver goods after few days.

Jatin

Accountant

1878 Points Posted on 19 May 2018

You can pay to seller through IMPS (immediate credit seller bank account) 24×7 days IMPS facility available up to Rs. 200000 per day

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 19 May 2018

Yes... I agreed to Mr Jatin.

@ Gecko.,

Cash payments restricted less than 10k...
If Supplier ask immediate payment then You ll be pay IMPS or DD or NEFT...

No more restriction for electronic payment mode...
Only restriction on Cash Payment...