Restriction on repayment methods: repayments of loans, deposits or specified advances must be account-payee cheque, bank draft or electronic transfer. Section 269T prohibits repayment of loans, deposits, or specified advances except by account payee cheque or account payee bank draft drawn in the name of the person who made the loan, by use of the electronic clearing system through a bank account, or by other electronic modes prescribed under the applicable procedural rule.
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Restriction on repayment methods: repayments of loans, deposits or specified advances must be account-payee cheque, bank draft or electronic transfer.
Section 269T prohibits repayment of loans, deposits, or specified advances except by account payee cheque or account payee bank draft drawn in the name of the person who made the loan, by use of the electronic clearing system through a bank account, or by other electronic modes prescribed under the applicable procedural rule.
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