30-Nov-2020 Part -2 "SAY NO” TO CASH TRANSACTIONS
In continuation Part 1
CASH TRANSACTIONS FOR LOANS AND
OTHER RECEIPTS
|
SR. NO |
SECTION |
NATURE OF TRANSACTION |
DISALLOWNACE CASH
LIMIT |
MODE OF PAYMENT |
PENALTY |
EXCEPTION |
|
1 |
Sec 269 ST (Applies to Receiver) |
No person shall
receive an amount of (Receipts in KIND not covered) |
> Rs.200,000 per person per day. In respect of a single
person OR A transaction relating
to single event from one person. |
By Account Payee
Cheque/Draft or ECS w.e.f. 1-9-19 any
electronic mode of payment like BHIM UPI or BHIM UPI QR code |
A Sum equal to amount
of receipt. |
Does not apply to
receipt by Govt/ Bank/ Post Office. Does not apply to
Loans / Deposits covered under 269SS and 269T |
|
2 |
Sec 269SS (Applies
to Receiver) |
Acceptance of loans or advances or for transfer of immovable
property |
> Rs.20,000 |
Same as Sec 269 ST |
A Sum equal to amount of loans
or advances or for transfer of immovable property so taken or accepted |
None |
|
3 |
Sec 269T (Applies to Payer) |
Repayment
of loans or advances or for transfer of immovable property |
> Rs.20,000 |
Same as Sec 269 ST |
A Sum equal to amount
of loans or advances or for transfer of immovable property so repaid |
None |
The reduction of usage
of cash has several advantages as
well such as: -
1. No Fake Money
2. No Black Money
3. Ensures Payment of Taxes
So to sum it up we need
to say “NO” TO CASH TRANSACTION
wherever possible and update ourselves with the new modes of payments available
at our disposal which are much more efficient.