Mode of taking certain loans and deposits requires bank-mediated payment, with limited institutional and agricultural exceptions. No person may accept from another any loan, deposit or specified sum except by account payee cheque, account payee bank draft or electronic clearing through a bank account where the amount or aggregate amount (including amounts previously unpaid) meets the statutory threshold. Exceptions include receipts from the Government, banks and certain statutorily established corporations and government companies, notified institutions, and transactions where both parties have only agricultural income and no taxable income. 'Loan or deposit' means money and 'specified sum' covers sums receivable in relation to transfer of immovable property.
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Provisions expressly mentioned in the judgment/order text.
Mode of taking certain loans and deposits requires bank-mediated payment, with limited institutional and agricultural exceptions.
No person may accept from another any loan, deposit or specified sum except by account payee cheque, account payee bank draft or electronic clearing through a bank account where the amount or aggregate amount (including amounts previously unpaid) meets the statutory threshold. Exceptions include receipts from the Government, banks and certain statutorily established corporations and government companies, notified institutions, and transactions where both parties have only agricultural income and no taxable income. "Loan or deposit" means money and "specified sum" covers sums receivable in relation to transfer of immovable property.
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