Mode of repayment of loans and deposits: electronic clearing or account payee instruments required where amount meets statutory threshold. The amendment requires that repayment of loans or deposits of an amount at or above the specified statutory threshold must be made either by an account payee cheque or account payee bank draft drawn in the name of the person who made the loan or deposit or by use of an electronic clearing system through a bank account.
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Provisions expressly mentioned in the judgment/order text.
Mode of repayment of loans and deposits: electronic clearing or account payee instruments required where amount meets statutory threshold.
The amendment requires that repayment of loans or deposits of an amount at or above the specified statutory threshold must be made either by an account payee cheque or account payee bank draft drawn in the name of the person who made the loan or deposit or by use of an electronic clearing system through a bank account.
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