Ameesha, an employee of the Reserve Bank of India acting in her personal capacity, sells her own…

Section 186(1)(b) of the Income-tax Act, 2025 prohibits any person from receiving Rs. 2,00,000 or more in respect of a single transaction except by account payee cheque, account payee bank draft, electronic clearing system or another prescribed electronic mode. The exemption in section 186(2)(a) covers receipts by Government, a banking company, a post office savings bank or a co-operative bank, not individuals employed by a bank, and splitting the payment across days does not change the single transaction. So "Receipt of the Rs. 2,00,000 price in cash is prohibited for this single transaction." This corresponds to section 269ST of the repealed Income-tax Act, 1961.