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Section 186

Mode of undertaking transactions

(1)
No person shall receive 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, except through—

(i) an account payee cheque;

(ii)
account payee bank draft;
(iii)
electronic clearing system through a bank account; or

(iv) any other electronic mode, as prescribed.

(2)
Sub-section (1) 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 notified by the Central Government.