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of <h1>Limits on Cash Transactions Over Two Lakh Rupees Under Section 269ST to Prevent Tax Evasion</h1> No person shall receive two lakh rupees or more from another person in a day, single transaction, or related transactions for one event, except through an account payee cheque, bank draft, electronic clearing system via a bank account, or other prescribed electronic modes. This restriction aims to prevent tax evasion. Exceptions include receipts by the government, banking companies, post office savings banks, cooperative banks, transactions covered under a related provision, and other specified persons or receipts notified by the government. Definitions of banking company and cooperative bank align with those in a related section of the Income-tax Act.
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