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Cash deposit in receivable account
I had given a loan of Rs.100000.00 to my friend and the amount is reflected in my books.Now my friend wants to return the amount in cash money gradually.Can I accept the cash amount gradually and ctedit the same to his account? Please advice.
Replies (1)
No.
As per section 269T loan or deposit cannot be repaid, otherwise than by an Account payee cheque or bank draft or online transfer, if the amount of loan or deposit is Rs. 20,000 or more. On Contraventions penalty U/s 271E is attracted which is 100% of the amount repaid.
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