limit of cash for debtor and creditor

1. The only restriction placed in transacting in cash with respect to receipt is under sec 269ST. No person shall transact in a day exceeding Rs. 2 lakhs in cash in a single day to the same person relating to one event. 
2. So sec 269ST puts restriction to receive in cash from a person in a single day. 
3. Make sure the amount received from the debtor is less than Rs. 2 lakhs. 
4. With respect to the payment to creditors, it should not exceed Rs. 10,000 per day in cash as per sec 40A(3). 
5. So payment to creditors should not exceed Rs. 10,000 in cash. Otherwise, disallowance of such payment will be attracted while computing profit. 
6. Penalty would be levied u/s 271DA equal to the amount of contravention u/s 269ST. 
Please correct me if the above solution has an alternative view. 

1. As long as per day transaction does not exceed Rs. 2 lakhs sec 269ST will not come into operation. 
2. Per year, I don’t think there is no limit for a cash transaction. As long as sec 269ST is not violated. 

If I take a loan from my relatives or family members in the course of my business what will it be shown as under the balance sheet?