Cash transaction limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2011
Hi,
I want to start a collection agency to collect bills for credit cards, telephone, internet, etc.
What is the maximum legal amount that I can accept as cash from a customer?
Thanks
I want to start a collection agency to collect bills for credit cards, telephone, internet, etc.
What is the maximum legal amount that I can accept as cash from a customer?
Thanks
16 March 2011
If accepted from customer no limit.
Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if,
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid and the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more :
Thus it is clear that no person can accept any loan or deposit of Rs 20000 or more otherwise than by way of an account payee cheque or an account payee draft. The limit of Rs 20000 will also apply to a case even if on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from such depositor is remaining unpaid and such unpaid amount along with the loan or deposit to be accepted, exceeds the aforesaid limit.
Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if,
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid and the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more :
Thus it is clear that no person can accept any loan or deposit of Rs 20000 or more otherwise than by way of an account payee cheque or an account payee draft. The limit of Rs 20000 will also apply to a case even if on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from such depositor is remaining unpaid and such unpaid amount along with the loan or deposit to be accepted, exceeds the aforesaid limit.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2011
Hi Sanjay,
Thank you for your answer.
Just to be clear you are saying that I can accept say INR 60,000 from an individual customer who is paying a credit card bill?
Thanks
Thank you for your answer.
Just to be clear you are saying that I can accept say INR 60,000 from an individual customer who is paying a credit card bill?
Thanks
16 March 2011
Yes you can as you are not accepting an deposit.
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