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of <h1>New Rule: Repay Loans of 20,000+ Only by Account Payee Cheque, Bank Draft, or Account Credit Per Section 269T</h1> Section 269T of the Income-tax Act, as amended by the Finance Act, 2002, mandates that no branch of a banking company, co-operative bank, or any other company, co-operative society, firm, or individual shall repay loans or deposits of twenty thousand rupees or more, including interest, except through an account payee cheque or bank draft in the name of the depositor. Alternatively, banks may credit the repayment amount to the depositor's savings or current account. The section defines 'banking company' and 'co-operative bank' according to specific legal references and includes various types of loans or deposits.
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