100% penalty for receiving cash over â¹2 lakh, warns I-T dept
The I-T department has warned people against indulging in cash transactions of â¹2 lakh or more saying the receiver will have to pay an equal amount as penalty. It also advised people having knowledge of such dealings to tip-off the department via email. The restriction isn't applicable to receipt by government, banking company, post office savings bank, or co-operative bank.