Sec­tion 269SS

Consumer Voice - - Bfsi Guide -

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

• Gov­ern­ment

• Bank­ing com­pany, post-of­fice savings bank,

co­op­er­a­tive 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.

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