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CAsh Payment

This query is : Resolved 
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(Querist)
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.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
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.

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Murtaza I Bhagat

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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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 December 2009 Yes, We need to pay a/c payee Cheque, Draft
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
28 December 2009 agree
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