No person can receive cash more than 3 lacs 2 lacs in following cases
- Total Cash Transactions per day to per party cant be more than 3 lacs 2 lacs
- Single Transaction cant be more than 3 lacs 2 lacs (even if paid in parts)
- Different transactions relating to single event cant be more than 3 lacs 2 lacs
It is equal to amount of contravention (Section 271DA)
Example:- If 4 Lacs received in cash,then 4 lacs will be penalty
Govt,Banks and Other Notified persons can receive amount more than 3 lacs 2 lacs
Note :- Earlier the limit notified in budget was 3 lacs but it was later change 2 lacs.