S. 269 SS
DEVENDRA
(Querist) 03 May 2009
This query is : Resolved
As per the S. 269 SS, there is restiction on payment AND RECEIPT of cash above Rs. 20,000/-.
In that case, what method shuld be used by a co-op. credit society to make payments or receipts in cash above Rs. 20000/- ?
If a society opens savings a/c of the customer and makes cash payment through the savings account for more than rs. 20,000/-, then whether s. 269 ss attracts ?
A V Vishal
(Expert) 03 May 2009
As per 269SS there is restriction on receipt of cash as loan or deposit above Rs.20,000. Under section 269T there is restriction on repayment of loan or deposit in excess of Rs.20,000 in cash.
Hence as per the understanding from the query I get is you cannot receive or pay in cash in excess of 20,000, it has be accepted or repaid only thru a crossed account payee cheque or demand draft.
Y V Vishweshwar Rao
(Expert) 04 May 2009
Above Rs;- 20,0000/- Deposit in Cash and payment in Cash - how far it is being followed
