Electronic clearing acceptance: bank account transfers now qualify as permitted non-cash payment mode for loan and deposit repayments. Amendment expands permitted non-cash repayment modes by adding acceptance of payment through an electronic clearing system via a bank account, treating ... Summary
Electronic clearing acceptance: bank account transfers now qualify as permitted non-cash payment mode for loan and deposit repayments.
Amendment expands permitted non-cash repayment modes by adding acceptance of payment through an electronic clearing system via a bank account, treating such electronic bank transfers as equivalent to account-payee cheques or drafts for purposes of the statutory restriction on cash repayments.
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