Articleship

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pankaj nagpal (Querist)
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23 December 2012 is it compulsory to open bank account for articleship stipend or cash can be accepted?
thanks in advance..

Ajay Mishra

Ajay Mishra (Expert)
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23 December 2012 Hi

The stipend under Regulation 45 shall be paid by the principal to the articled assistant either (a) by a crossed account payee cheque every month against a stamped receipt to be obtained from the articled assistant; or (b) by depositing the amount every month in an account opened by the articled assistant in his own name with a branch of the bank to be specified by the principal.

The cash stipend is not acceptable by article.

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