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of <h1>Amendment to Section 269SS: Electronic Clearing System Now Allowed for Loans Over 20,000 Effective April 1, 2015.</h1> Clause 63 of the Finance (No. 2) Bill, 2014, amends section 269SS of the Income-tax Act. Previously, the section prohibited individuals from accepting loans or deposits of twenty thousand rupees or more through means other than an account payee cheque or bank draft. The amendment introduces the option to use an electronic clearing system through a bank account for such transactions. This change is effective from April 1, 2015, and applies to the assessment year 2015-16 and subsequent years.
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