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.
you are right...
accd to indian law the limiI for cash transaction is of Rs.20000...
there is no punishment fo that since the bank will refuse to allow a transaction exceeding the limit....
Thanks for the response.
Can you please point me to the particular law / act in India that says it?
It will be of great help.
20000 per day to a single party, means you can deposit 20000 or less from a single party in a day in cash
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