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.
Also Whether the Nidhi Companies can disburse a loan in cash?
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
