Section 269ST - Mode of undertaking transactions. - Income-tax Act, 1961

1 [ Mode of undertaking transactions. 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 2 [ bank account or through such other electronic mode as may be prescribed ] : 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.] *********** Notes:- 1. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 2. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as bank account