Mode of repayment threshold increased for member transactions with primary agricultural credit societies and rural development banks.

A new proviso to section 269T raises the cash payment ceiling for deposits paid by, or loan repayments to, a primary agricultural credit society or a primary co operative agricultural and rural development bank by its member. The Explanation is amended to adopt the definitions of "co operative bank", "primary agricultural credit society" and "primary co operative agricultural and rural development bank" from the Explanation to sub section (4) of section 80P, with effect from the fiscal year commencing 1st April, 2023.

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