Section 21
Limitation on cash transaction
No 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
Second Schedule.
(2)
For the purpose of subsection (1)—
(a)
different maximum aggregate value may be provided for different purposes, classes of persons, activities, businesses or professions; and
(b)
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.
(3)
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
(4)
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.
Non-application of section 21