269 ss cash loan

Yogesh Sukhwani (33 Points)

24 November 2021

Suppose we accept a loan from person A of rs 20000 on 2nd april and repay it on 5th April and again accept on 10th April and repay on 15th april. So it that case should any penalties attract or not??

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5 Replies

Lotus Choudhary (1084 Points)
Replied 24 November 2021

In my opinion it is possible. but the limit is of 20000 or more. so you can accept any amount less than 20000.

Yogesh Sukhwani (33 Points)
Replied 24 November 2021

So this limit applies on a single day ?

Lotus Choudhary (1084 Points)
Replied 24 November 2021

Limitation is not day wise. it is amount wise. one can take a loan of maximum Rs. 19999 in cash from a person and untill it is repaid he cannot take further loan from the same person.