Currency Act 2020 · Updated to 28 Feb 2020 · Part III · Offences Relating to Currency
21. Limitation on cash transaction
Feedback & supportNo person shall, in a single transaction, make or receive any payment using currency note, currency coin or their combination which exceeds the maximum aggregate value as specified in the
person
“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the Government and any State Government;
Second Schedule.
For the purpose of subsection (1)—
different maximum aggregate value may be provided for different purposes, classes of persons, activities, businesses or professions; and
a series of transactions shall be considered as a single transaction if the transactions were made with the same person, for the same purpose and within the same day.
No person shall undertake or structure, or assist or participate in the structuring of, any transaction with the intention to avoid the application of subsection (1).
Currency 17
Any person who contravenes subsection (1) or (3) commits an offence and shall, on conviction, be liable to a fine not exceeding three times the aggregate sum or value of the transaction at the time the offence was committed.