Can an NRI accept cash in excess of INR 200,000?

Section 269ST : Cash Transaction Limit
What is Section 269ST?
Section 269ST is a Section in the Income Tax Act that imposes a cash transaction limit on every person (be it individual (non-resident or resident) or Firm or Company) from receiving an amount of INR 200,000 or more other than through an account payee cheque or draft or electronic mode. The transaction limit is applicable to all types of receipts and transactions, whether taxable or not, whether capital or revenue.
Receipt of INR 200,000 or more in respect of a single transaction:
This covers receipt of INR 200,000 in respect of a single transaction, though not on a single day. For example, if a person receives INR 400,000 for a sales invoice in 5 different instalments on 5 different dates, such receipts would fall under prohibited transactions under Section 269ST.
Receipt of INR 200,000 or more in relation to one event or occasion from a person:

Penalty for Violation of Section 269ST
A stringent penalty is associated with this particular provision as if a person contravenes the cash transaction limit imposed by Section 269ST, such person shall be liable to pay
penalty equal to the transaction value. Note that the penalty exposure is in the hands of payee, i.e., the person who receives the money and not on the payer.Non-Applicability of Section 269ST
Receipt of cash by the Government
Receipt of cash by banking company, post office savings bank or co-operative bank etc.
Accepting loans or advances (since separately covered through a different Section, Section 269SS)