CAsh Payment
This query is : Resolved
28 December 2009
In this modern era of Core banking facility, is it correct to make payment to creditors by way of depositing the cash in excess of Rs.20,000/- directly into their bank account if they located at different places. The cash payment doesnot goes into their hands, but gets credited into their bank accounts.
28 December 2009
The required provisions are to make payment by account payee cheque/draft only. No other means have been allowed except in certain circumstances.
Until there is any amendment in the section; such payments are not allowable.
Until there is any amendment in the section; such payments are not allowable.
Murtaza I Bhagat
(Expert)
28 December 2009
agree with expert,
Cash Deposit and Cheque/DD payment are different from each others. so don't be think about same...it means no payment of any to creditors exceeds Rs.20,000/- without ch/dd by any other mode.
Cash Deposit and Cheque/DD payment are different from each others. so don't be think about same...it means no payment of any to creditors exceeds Rs.20,000/- without ch/dd by any other mode.
CMA Ramesh Krishnan
(Expert)
28 December 2009
Yes, We need to pay a/c payee Cheque, Draft
CA Ravi Sisodia
(Expert)
28 December 2009
agree
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