CASH DEPOSITS BY A Mutually AIDED COOPERATIVE SOCIETY

[VEMULA CHANDRASEKHAR]

Whether provisions of Sec 269SS are applicable to MAC society which is doing the business of banking

with regards

[DR.MARIAPPAN GOVINDARAJAN]

No. It is not applicable in my view.

AI Summary

Inapplicability of Section 269SS to mutually aided cooperative societies conducting banking: advisory view that it does not apply. Query whether the cash-deposit prohibition of Section 269SS applies to a Mutually Aided Cooperative society engaged in banking; advisory reply states the provision is not applicable to such a society and that the cash-deposit restriction does not extend to its deposit-taking activities.