|QUERY:||Whether cash aggregating to rupees two lakh or more can be received by a bank after insertion of Section 269ST under the Income-tax Act?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Mode of undertaking transactions-Cash aggregate of Rs. 2 lakh or more|
A person can deposit / make payment otherwise than by account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account to any Government, Banking Company, Post office Saving Bank or co-operative bank.