Restriction on cash repayment of term deposits: mandated account-payee repayment methods and criminal penalties for noncompliance. The amendment mandates that repayments of term deposits and Special Bearer Bonds be made only by credit to the payee's account or by account payee cheque or account payee bank draft where prescribed thresholds and aggregate holding conditions are met, with defined exceptions for accounts maintained with the paying branch. Contravention without reasonable cause attracts imprisonment and a fine equal to the deposit; repeat convictions invoke enhanced custodial sentences and fines, and prosecutions may proceed only at the Commissioner's instance.
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Provisions expressly mentioned in the judgment/order text.
Restriction on cash repayment of term deposits: mandated account-payee repayment methods and criminal penalties for noncompliance.
The amendment mandates that repayments of term deposits and Special Bearer Bonds be made only by credit to the payee's account or by account payee cheque or account payee bank draft where prescribed thresholds and aggregate holding conditions are met, with defined exceptions for accounts maintained with the paying branch. Contravention without reasonable cause attracts imprisonment and a fine equal to the deposit; repeat convictions invoke enhanced custodial sentences and fines, and prosecutions may proceed only at the Commissioner's instance.
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