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.