பணப்பரிவர்தனை செய்பவர்கள் கவணிக்க

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Cash transactions in the economy mainly responsible to increase or promote the black money circulation in their respective fields/Areas.  With an objective to control the black money circulation and promote the digital economy in the country the Government has introduced a section 269ST and 271DA w.e.f. 1st April, 2017.

Applicability- According to provision of Section 269ST– 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.

Exceptions in respect to Section 269ST-

Provision of Section 269ST shall not apply any of the following if receipt by-

a. Government

b. Any Banking Company

c. Post office

d. Co-operative Bank

e. Transactions of nature referred to in section 269SS

f. such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify

Ministry of Finance released notification of 5th April, 2017 specifying the exception addition to the exceptions specified in Section 269ST;

a. Clarified that restriction imposed by U/s 269ST shall not apply if person receive cash 2 lakhs or more from-

a. Any banking company; or

b. Post office savings bank; or

c. Co-operative bank.

Further Ministry of Finance released notification of 03rd July, 2017 specifying the exception addition to the exception specified in Section 269ST. These exceptions are;

a. receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;

b. receipt by a white label automated teller machine operator from retail outlet sources on behalf of a banking company or co-operative bank, subject to  the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007

c. receipt from an agent by an issuer of pre-paid payment instruments, subject to the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

d. receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards;

e. receipt which is not includible in the total income under clause (17A) of section 10 of the Income-tax Act, 1961.

Consequence if not comply with Section 269ST ;

• If any person not comply with section 269ST then they have to bear penalty specified U/s 271DA.
• They shall be liable to pay an amount as penalty equal to such amount receipt
• However there is a exception to section 271DA; According to section 271DA if person proves that there were good and sufficient reasons for contravention of section 269ST then no person shall be liable.