Share application money in cash

Rule 8(3) of Unlisted Public Companies (Preferential  Allotment) Rules 2003 prohibits this.

Im sorry I should have mentioned this in the question.Will it be allowed in a private company?

As of now, there is no restriction as such for private company.  Section 42(5) of Companies Act 2013 prohibits share application money in cash.  However, this Section has not yet come into force.