CHAPTER XII

MODE OF PAYMENT IN CERTAIN CASES, ETC.

Mode of undertaking transactions.

186. (1) No person shall receive an amount of Rs. 200000 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; or

            (ii) account payee bank draft; or

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

            (iv) any other electronic mode, as may be 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 may be notified by the Central Government.