Exemption from the provision of section 269ST prohibiting cash receipt of Rs. 2 lakhs or more
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi, the 3rd July, 2017
S.O. 2065(E).—In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely:—
(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, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);
(c) receipt from an agent by an issuer of pre-paid payment instruments, in accordance with the authorisation 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.
2. The notification shall be deemed to have come into force with effect from the 1st day of April, 2017.
[F. No. 370142/10/2017-TPL]
SALIL MISHRA,
Director (Tax Policy & Legislation)
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