Clarity regarding 269 ss

Shravan Etikala (Consultant at Deloitte) (40 Points)

20 September 2013  

Dear Friends,

  Please clarify me regarding the following query

           X LTD is Taking or accepting a loan from a person Y in cash i.e 500 Rs.  But the amount already outstanding in the Y's account is 19,800 Rs . Now the acceptance of Rs. 500 in Cash is a violation to section 269 Ss or not ?????? Reply