No person (person includes individual, firm, association of persons [AoP], body of individuals [BoI], company, society, trust, etc.) can take or accept any deposit or loan or any specified sum of whatever nature, otherwise than by account-payee cheque or through any other banking system, any sum exceeding Rs 20,000. Exclusions
• Banking company, post-office savings bank,
• Any corporation established by central, state
or provincial act
• Any government company
• Any other body or class of body as notified by
the government in this regard The restrictions also do not apply to cases where the lender as well as the recipient have agricultural income.