Cash deposit threshold change for member transactions with primary agricultural credit societies increases reporting exemption for member payments and repayments. The amendment treats section 269T as if the cash-transaction limit of 'twenty thousand rupees' were 'two lakh rupees' for deposits paid by, or loans repaid to, a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member, and replaces the Explanation's clause to define cooperative banking terms by reference to the Explanation to sub section (4) of section 80P.
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Cash deposit threshold change for member transactions with primary agricultural credit societies increases reporting exemption for member payments and repayments.
The amendment treats section 269T as if the cash-transaction limit of "twenty thousand rupees" were "two lakh rupees" for deposits paid by, or loans repaid to, a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member, and replaces the Explanation's clause to define cooperative banking terms by reference to the Explanation to sub section (4) of section 80P.
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