Mode of payment restrictions bar cash acceptance for certain loans and deposits, mandating bank or electronic modes. Clause 185 prohibits taking or accepting any loan, deposit or specified sum in cash where the amount or aggregate amount (including unpaid prior amounts from the same payer) meets a prescribed threshold, and mandates settlement through account-payee cheque, account-payee bank draft, electronic clearing system or other prescribed electronic modes; it defines 'loan or deposit' as money and provides exceptions for Government, specified banks and corporations, notified institutions, an agricultural-income-only exemption, and a higher threshold for primary agricultural credit societies and related co-operative banks.
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 payment restrictions bar cash acceptance for certain loans and deposits, mandating bank or electronic modes.
Clause 185 prohibits taking or accepting any loan, deposit or specified sum in cash where the amount or aggregate amount (including unpaid prior amounts from the same payer) meets a prescribed threshold, and mandates settlement through account-payee cheque, account-payee bank draft, electronic clearing system or other prescribed electronic modes; it defines "loan or deposit" as money and provides exceptions for Government, specified banks and corporations, notified institutions, an agricultural-income-only exemption, and a higher threshold for primary agricultural credit societies and related co-operative banks.
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