HELLO FRIENDS MY FRIEND HAS REPAID THE LOAN OF 50000 THROUGH BANK TRANSFER.
NOW SEC 269 T SAYS REPAY ONLY THROUGH A/C PAYEE CHEQUE OR BANK DRAFT.
NOW PLS. TELL ME WHETHER I HAVE TO REPORT THIS OR WHETHER BANK TRANSFER IS OK.
PLS HELP ME.
THANKS.
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Sec 269t
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I don't think that there would be any issues with this, as long as the payment is not done with an bearer cheque/cash
BUT SEC 269 T SAYS THE WORD A/C PAYEE CHEQUE AND DRAFT ONLY.
PLS. HELP ME.
THANKS.
Yes I know that & that would need a change by law. But if for any reason your matter goes for scrutiny then I don't think that you would be penalised as the condition is that the pymt shud not be made by an bearer cheque or by cash. Since you have made a Bank Transfer I dont think that it would cause any issues.
Did the bank directly debit your account for repayment of the loan amount?
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