30 October 2009
MR A HAS TAKEN A LOAN FROM MR Y . BOTH HAVE BANK ACCOUNT IN THE SAME BANK. LOAN AMOUNT IS TRANSFERED FROM THE BANK ACCOUNT OF Y TO THE BANK ACCOUNT OF A. NO CHEQUE WAS ISSUED BY Y FOR THIS TRF. AMOUNT WAS TRF THROUGH INSTRUCTIONS TO BANK BY Y THROUGH A LETTER FOR SUCH TRF.IS IT A VIOLATION OF SEC 269 SS FOR MR A BECAUSE HE HAS ACCEPTED THE LOAN WITHOUT ACCOUNT PAYEE CHEQUE.PL ANSWER WITH MATERIAL
30 October 2009
Dear,, I would like to confirm that if trff amount by an account payee cheque that is use of nego instr,,,,so this is also a negt instrument that we say can hundi,,,,,
31 October 2009
I don't think this is a violation of SEction 269SS. Basic requirement is that it must have been routed thru' bank where the payer and payee are properly identifiable.
CAclubindia
