Quick Summary
Section 269SS of the Act provides that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is Rs. 20,000 or more. Similarly, section 269T provides that no loan or deposit shall be repaid otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is Rs.
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FAQ :
The cash transaction limit for primary agricultural credit societies (PACS) and primary co-operative agricultural and rural development banks (PCARD) has been increased to £2 lakh.
The previous limit for cash transactions was £20,000.
These amendments take effect from 1st April 2023.
This change is intended to provide relief to low-income groups and facilitate easier business operations for PACS and PCARDs, particularly in rural areas.
This new limit applies to both accepting cash loans or deposits from members and repaying cash loans or deposits to members.
While the general rule requires transactions over £20,000 (now £2 lakh for PACS/PCARD) to be via account payee cheque, draft, or online transfer, specific exceptions have been provided for in the Act.
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