[1][269ST. Mode of undertaking transactions.

No person shall receive an amount of two lakh rupees 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,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a [2][bank account or through such other electronic mode as may be prescribed[3]]: