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of <h1>Income Tax Act Section 269ST: Cash Transactions Over Two Lakh Rupees Restricted, Exceptions Apply for Banks and Government.</h1> Section 269ST of the Income-tax Act, introduced by the Finance Act of 2017, prohibits any person from receiving two lakh rupees or more in cash from another person in a single day, for a single transaction, or for transactions related to a single event. Exceptions include receipts by the government, banking companies, post office savings banks, co-operative banks, and transactions covered under section 269SS. The Central Government may specify additional exemptions by notification. Definitions for 'banking company' and 'co-operative bank' align with those in section 269SS.
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