25 June 2015
" no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more."
The new amendment is applicable only for advances pertaining to the transfer of immovable property or even for sale consideration.What does the words " or otherwise " means.
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