I would like to know the Act (Whether Companies Act, RBI or Income Tax Act) which imposes the restriction on Banks or Companies not to disburse a loan in cash? As per my information Section, 269SS and 269T are applicable on the borrower but how the lender is restricted.
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Disbursement of loan in cash is allowed?
Replies (3)
Also Whether the Nidhi Companies can disburse a loan in cash?
banks will disburse loans directly to your bank account. if you receive loans in cash in excess of 20000 then section 269ss will apply
Yes, sec. 269SS will be applicable on me, but it's not applicable on banks. Then why can't a bank or other companies disburse a Loan in cash? as there is no restriction on the side of lender.
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