Can share money of a pvt ltd. co. be received in cash?

This query is : Resolved 

08 January 2015 I would like to know that whether the share money received by a "Private Limited Company" at the time of its incorporation from its members, can be received by the company in cash? or is it mandatory to receive the same in bank?

17 January 2015 COMPANY CAN'T RECEIVE SHARE APPLICATION MONEY IN CASH


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