Section 186 — Mode of undertaking transactions

(1) No person shall receive an amount of ` 200000 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,
except through—
( i) an account payee cheque; or
( ii) account payee bank draft; or
( iii) electronic clearing system through a bank account; or
( iv) any other electronic mode, as may be prescribed29a.
(2) Sub-section (1) shall not apply to—
( a) any receipt by Government, any banking company, post office savings
bank or co-operative bank;
( b) transactions of the nature referred to in section 185;
( c) such other persons or class of persons or receipts, as may be notified by
the Central Government.