Cash acceptance limit introduced in POS
In a bid to curb money laundering as well as to restrict the number and amount of cash dealings, the government has introduced some new rules and banned some types of cash payments.
Retail businesses cannot accept cash of 2 Lacs or more from the customers as follows:
- in aggregate from a person in a day, or
- in respect of a single transaction, or
- in respect of transactions relating to one event or occasion from a person
Till date, this was managed by all via standard operating procedures (SOP) but now Ginesys has introduced this feature in the system which shall restrict the cashier from receiving cash "of and above" as specified in the new system policy setting (Restrict cash transactions of and above <specify value>).
For example, if the policy value is 2,00,000.00, then the cashier won't be allowed to:
- Receive tender of 2,00,000.00 and above in a single bill, i.e., max cash tender in a single bill should be 1,99,999.99.
- Receive tender of 2,00,000.00 and above in aggregate from a single customer in a business day.
In such cases, the cashier should ask the customer to pay balance by other mode of payments like Credit Card, Digital Payments, Vouchers, etc.
If cash restriction limit is set to Blank/Null, then no cash receive limit validation will be applicable.
Please note that the limit to be set has been left flexible to allow for change in case of change in Government directives.
You can always learn more about Policy setting for POS by going through - How To: Manage Master Policy in Ginesys Retail