Sections 269SS and 269T deal with limitations on taking out and repaying cash loans that are greater than Rs 20,000 per year. It also stipulates a fine in case a loan transaction in cash is done in excess of Rs. 20,000 per annum.
This limit is enhanced to Rs. 2 lakhs per annum in Budget 2023. This enhanced limit is applicable only to
Ø Primary
agricultural credit society
Ø Primary
co-operative agricultural
Ø Rural
development bank
As a result, there
won't be any penal consequences under section 269SS if a deposit is accepted by these entities from its members and the amount of the deposit is less than Rs. 2 lakhs
per annum.
Additionally, if a loan is taken from these entities by its
members and the amount of the
deposit or loan is less than Rs. 2 lakhs per annum, there won't be any penal
consequences under section 269SS.
Furthermore, there
won't be any penal consequences under section 269T, if a deposit is repaid back in cash by these entities to its members and the amount of the deposit is
less than Rs. 2 lakhs per annum,
Additionally, if a loan is repaid back in cash by these entities
to its members and the amount of
loan is less than Rs. 2 lakhs per annum, there won't be any penal consequences
under section 269T.
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