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.
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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