Sec 269 t

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ajay (Querist)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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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