CHAPTER XII
MODE OF PAYMENT IN CERTAIN CASES, ETC.
Mode of undertaking transactions.
186. (1) No person shall receive an amount of Rs. 200000 or more––
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person, except through—
(i) an account payee cheque; or
(ii) account payee bank draft; or
(iii) electronic clearing system through a bank account; or
(iv) any other electronic mode, as may be prescribed.
(2) Sub-section (1) shall not apply to—
(a) any receipt by Government, any banking company, post office savings bank or co-operative bank;
(b) transactions of the nature referred to in section 185;
(c) such other persons or class of persons or receipts, as may be notified by the Central Government.