Mode of undertaking transactions

1. (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—

1. (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. (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.