(1)No person shall receive an amount of ₹ 200000 or more––(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, except through—(i)an account payee cheque; or(ii)account payee bank draft; or(iii)electronic clearing system through a bank account; or(iv)any other electronic mode, as may be prescribed.(2)Sub-section (1) shall not apply to—(a)any receipt by Government, any banking company, post office savings bank or co-operative bank;(b)transactions of the nature referred to in section 185;(c)such other persons or class of persons or receipts, as may be notified by the Central Government.[Similar to Section 269ST from The Income Tax Act, 1961.]
