Sunday, 5 February 2017

Penalty on receiving cash more than 3 Lakh - even from Bank.

The FM introduced the new section 269ST where it was held that "no person shall receive an amount of Rs 3 lakh or more by way of cash in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person".
However, the restrictions will not apply to the government, any banking company, post office savings bank or co-operative bank.
It means that any person cant withdraw more than 3 lakh from a same bank in a day. 
The important words of the section are
(a) A Person receiving
(b) A person giving
(c) 3 Lakh
(d) in a day.

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