Penalty U/S 269ST

No... Sec 269st not applicable in this transaction.

No penalty under section 271d, no sec. 269t applicable

269ST. No person shall receive an amount of two lakh rupees or more— in cash

 (a) in aggregate from a person in a day; or

 (b) in respect of a single transaction; or

 (c) in respect of transactions relating to one event or occasion from a person,

The 269ST applies to receiver and payer does not have to worry.

In your case Jeweller shop will take safety protections. And since cash transaction is only for 50000/- , 269ST is not applicable to Jeweller receiver.