Amendment of section 206C.

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..... se (ii) shall be omitted; (b) in sub-section (1E), the words or jewellery shall be omitted; (c) in the Explanation occurring after sub-section (11),- (A) in clause (aa),- (I) in sub-clause (ii), the words, brackets, figure and letter or sub-section (1F) shall be omitted; (II) after sub-clause (ii), the following sub-clause shall be inserted, namely:- (iii) sub-section (1F) means a person who obtai .....

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..... jewellery exceeding five lakh rupees. It is proposed to omit the said clause in view of restriction on cash transactions as proposed to be provided under section 269ST. The proposed amendment is consequential to the insertion of a new section 269ST in the Income-tax Act. Sub-section (1F) of the said section, inter alia, provides that the seller who receives any amount as consideration for sale of .....

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