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of <h1>Section 269ST: Ban on Cash Transactions Over Rs. 2 Lakhs to Promote Financial Transparency and Accountability.</h1> Section 269ST of the Income Tax Act prohibits any person from receiving Rs. 2 lakhs or more in cash. Such transactions must be conducted through an account payee cheque, account payee bank draft, or electronic clearing systems via a bank account, as specified in Rule 6ABBA. This provision aims to curb large cash transactions and promote transparency in financial dealings.
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