Amendment status not verified — confirm the current text below against the official source.
(1) No person shall receive an amount of Rs. 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 (I) 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.