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What is the limit as per Indian Laws for Cash Transactions per day?


Is there any Law in India which limits the MAXIMUM Cash Transaction that an Indian Resident (Individual) can do with another Indian Resident (Another Individual) per day? e.g. I heard that a limit per day for a cash transaction between 2 individuals is maximum INR 20,000 per day. If yes, what is the punishment related to illegal cash transactions beyond MAXIMUM allowed per day limit to the giver and the taker? Please help with the related link where such law & its punishment could be searched.

 

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FREEWORKING says

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