What are the restrictions with regard to transactions in cash as per the provisions of Income Tax Act, 1961?

In order to move India towards less cash economy, from 01/07/2017, Section 269ST of the Income Tax Act, 1961 has been introduced as per which no person (whether seller of goods or service provider or transferor of capital assets) shall receive an amount of ₹2,00,000 or more in the following cases: In aggregate from a person in a day or In respect of Single transaction or In respect of transaction relating to an 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 bank account. This restriction is not applicable where receiver is Govt., any banking company, post office savings bank/co-operative bank and any other person notified by Central Govt. Further, as per section 40A(3) of the Income Tax Act, 1961, where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, or use of electronic clearing system through a bank account, exceeds ten thousand rupees, no deduction shall be allowed in respect of such expenditure while computing income under the head profit and gains from business and profession.