Cash transaction more than 10000/-

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
Replies (3)
Quick Summary
This discussion clarifies the rules around receiving cash payments exceeding £10,000 in the UK. For a milk business billing over £12,000 daily per customer, it's permissible to receive cash payments as the restrictions primarily apply to expenditure limits, not receipts. The key regulation states that payments of £200,000 or more in a day, or for a single transaction/event, must be made via account payee cheque, bank draft, or electronic transfer, not cash.

You should ask your customers to provide cheque payment

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

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.

 

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