Section 186Chapter 12

Mode of undertaking transactions

Ask about Section 186

#(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

(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 185section 185;

#(c)

such other persons or class of persons or receipts, as notified by the Central Government.

Cited by updates

No tracked update cites this section yet.