Sec 269 t
This query is : Resolved
20 November 2012
hello,
as per sec 269 T any loan or deposit above 20000 cannot be paid other than by an account payee cheque.
further banks can pay by directly crediting in savings or current a/c
so my question is that now due to increasing use of e commerce ,can an individual pay his loan exceeding 20000 by online transfer through his saving or current a/c,will it be a violation of sec 269 T.
as per sec 269 T any loan or deposit above 20000 cannot be paid other than by an account payee cheque.
further banks can pay by directly crediting in savings or current a/c
so my question is that now due to increasing use of e commerce ,can an individual pay his loan exceeding 20000 by online transfer through his saving or current a/c,will it be a violation of sec 269 T.
20 November 2012
Payment through internet banking is NOT in violation of Section 269T and accordingly penalty shall NOT be levied.
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