Clause 83 - Insertion of new section 269ST- Mode of undertaking transactions. - Finance Bill, 2017

Insertion of new section 269ST. 83. After section 269SS of the Income-tax Act, the following section shall be inserted, namely:- Mode of undertaking transactions. 269ST. No person shall receive an amount of three 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. .