- After section 269SS of the Income-tax Act, the following section shall be inserted, namely:-`269ST. - No person shall receive an amount of two lakh rupees 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, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:Provided that the provisions of this section shall not apply to-(i)any receipt by-(a)Government;(b)any banking company, post office savings bank or co-operative bank;(ii)transactions of the nature referred to in section 269SS;(iii)such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify.Explanation. - For the purposes of this section,-(a)"banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS;(b)"co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.
