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Cash transaction more than 10000/-

28 February 2021

Dear sir

I have milk business. Each of my customers is billed more than 12000/- daily.so can I get more than Rs 10000/- in cash in a day from each customers.

Best regards

Anoop Jain

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3 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 28 February 2021

You should ask your customers to provide cheque payment

anil jain (Partner) (1072 Points)
Replied 02 March 2021

Yes, you can accept, restriction is on expenditure not receipt up to 200000.

Anil Rawat, ACA (CA in Full Time Practice) (68 Points)
Replied 02 March 2021

No person shall receive an amount of Rs 2,00,000 or more in aggregate from a person in a day, or in respect of a single transaction, or in respect of transactions relating to one event or occasion from a person, otherwise by an account payee cheque or an account payer bank draft or use of electronic clearing system through a bank account.

Accordingly, if you receive 12000 on daily basis then there is no issue as per my understanding.