Abhijit,none above has made the issue clear to U,I feel,but suggestion of Mr, Shahsi is right,if U will present cheque of Rs.240,000/-,U may Urself may be framed,from where U got this money,show the income tax returns which can prove that U actually had enough money to fund Ur friend,do the bank statements prove Ur stand in any way.
Moreover according to income tax law money transactions more that Rs.20000/-, in cash are not legally enforceable,U can be prosecuted and penalized for Rs.220000/- which is a money exceeding Rs. 20000/-,the limit of cash transaction.
And if U are proved, doing money lending without having license ,then also Ur claim for money would commit suicide,moreover U could be penalized also.
Hope U got my point,just use behaviouristic tactics,Ur friend might not be knowing all these legal points,so chances are,if he had paid U Rs.200000/-,he would pay U another sum of Rs.40000/- also,if he really owes U.