What happens if a cash transaction crosses the limit of Rs. 2 lakh

What happens if a cash transaction crosses the limit of Rs. 2 lakh

April 6, 2017, 3:55 p.m.

The government has said that no person shall receive an amount of Rs 2 lakh or more, in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. So what happens if this is violated? Watch this to find out.