Mode of acceptance for loans and deposits: cash acceptance barred; account-payee cheque or draft required above specified threshold. Section 269SS prohibits any person, after 30 June 1984, from taking or accepting any loan or deposit except by account-payee cheque or account-payee bank draft when the amount or aggregate amount, including any unpaid earlier amounts from the same depositor, meets or exceeds a specified threshold. Exceptions apply to the Government, specified banking and financial institutions, corporations established by statute, Government companies, and other classes of bodies notified by the Central Government; definitions clarify the meanings of banking company, co-operative bank, and 'loan or deposit.'
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mode of acceptance for loans and deposits: cash acceptance barred; account-payee cheque or draft required above specified threshold.
Section 269SS prohibits any person, after 30 June 1984, from taking or accepting any loan or deposit except by account-payee cheque or account-payee bank draft when the amount or aggregate amount, including any unpaid earlier amounts from the same depositor, meets or exceeds a specified threshold. Exceptions apply to the Government, specified banking and financial institutions, corporations established by statute, Government companies, and other classes of bodies notified by the Central Government; definitions clarify the meanings of banking company, co-operative bank, and "loan or deposit."
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