12 September 2009
With modernisation of banking, what is the position of the following transactions reading 6DD and 269SS and 269T:- 1) Payment of expenses of over Rs.20,000 by Credit Card, NEFT or RTGS or electronic transfer in same bank. 2) Acceptance of Loan above 20000 by NEFT or RTGS or electronic transfer in same bank. 3) Repayment of Loan above 20000 by NEFT or RTGS or Electronic Transfer in same bank.
Are the NEFT / RTGS / Transfer considered as account payee transactions. Banks like ICICI call them E Checks.
Question of taking third party loan or repayment of third party loan by credit card does not arise and therefore not mentioned in 2 and 3 above.
CAclubindia
