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of <h1>Cash transactions of ?20,000+ must be by account-payee cheque, draft or prescribed electronic mode; exemptions and ?2 lakh coop threshold</h1> No person may take or accept from another any loan, deposit or specified sum of twenty thousand rupees or more except by account-payee cheque, account-payee bank draft or electronic clearing/use of prescribed electronic mode through a bank account; amounts include aggregate outstanding earlier accepted from the same depositor. Exemptions cover Government, banking/post office/co-operative banks, statutory corporations, government companies and other notified institutions, and transactions solely between persons with only agricultural income not chargeable to tax. A higher two lakh rupee threshold applies for deposits to or loans from specified primary agricultural co-operative bodies; definitions of terms are provided.
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