Loan given in cashexceeding 20000/-
This query is : Resolved
jinesh Kothari
(Querist)
21 September 2012
I have a business of lending money to aboriginal people on pledging there jewelery who lives in forest & rural area and dont aware about banking, and doesen't have any bank account therefore I can't lend them money by cheque or draft, further i have to accept cash on respect of principal & Interest
DO I attract 269SS & 269T
DO I attract 269SS & 269T
deepali agarwal
(Expert)
22 September 2012
Hi
according to me it wont attract section 269SS and section 269T because jewellery is placed as a security...So it will be included in secured loans...
according to me it wont attract section 269SS and section 269T because jewellery is placed as a security...So it will be included in secured loans...
Prakash Kochar
(Expert)
23 September 2012
You are not taking or accepting loans and deposit neither there is repayment of loan or deposit therefore no provisions of 269SS or 269T attracts in your case.
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