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One of my friends gives me cash every month, around ₹20,000 to ₹30,000, and asks me to transfer the same amount to his account online through UPI. Is this legal? If not, under which law is it prohibited?
Receiving cash from a friend and transferring the same amount to their account via UPI may not be illegal if done for legitimate reasons. However, if the transfers are intended to conceal the source of funds or avoid taxes, it could violate the Prevention of Money Laundering Act or the Income Tax Act. It is essential to ensure transparency in these transactions. It is advised to consult an expert lawyer to avoid legal issues. For further legal assistance contact us on our helpline number.