# The Finance Act, 2017, Section 84: Insertion of new section 269ST

- Act: The Finance Act, 2017
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2017/section/84/

## Text

Insertion of new section 269ST. 84 . After section 269SS of the Income-tax Act, the following section shall be inserted, namely:— '269ST. Mode of undertaking transactions.—No person shall receive an amount of two lakh rupees 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, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account: Provided that the provisions of this section shall not apply to— (i) | any receipt by— (a) | Government; (b) | any banking company, post office savings bank or co-operative bank; (ii) | transactions of the nature referred to in section 269SS; (iii) | such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. Explanation.—For the purposes of this section,— (a) | "banking company" shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS; (b) | "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS.'.

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