1, 2, 3 No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,-
(a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or
(b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more:
Provided that the provisions of this section shall not apply to any loan or deposit or specified sum taken or accepted from, or any loan or deposit or specified sum taken or accepted by,-
(a) the Government;
(b) any banking company, post office savings bank or co-operative bank;
(c) any corporation established by a Central, State or Provincial Act;
(d) any Government company as defined in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013);
(e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette:
Provided further that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
Explanation.-For the purposes of this section,-
(i) "banking company" means a company to which the provisions of the Banking
Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking
institution referred to in section 51 of that Act;
(ii) "co-operative bank" shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);
(iii) "loan or deposit" means loan or deposit of money;
(iv) "specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
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1.
Ins. by Act 38 of 1981, s. 2 (w.e.f. 11-7-1981).
2. Subs. by Act 21 of 1984, s. 28, for "MODE OF REPAYMENT" (w.e.f. 1-4-1984).
3. Subs. by Act 20 of 2015, s. 68, for section 269SS (w.e.f. 1-6-2015).
Section 269L Assistance by Valuation Officers
Section 269M Powers of competent authority
Section 269N Rectification of mistakes
Section 269O Appearance by authorised representative or registered valuer
Section 269P Statement to be furnished in respect of transfers of immovable property
Section 269Q Chapter not to apply to transfers to relatives
Section 269RR Chapter not to apply where transfer of immovable property made after a certain date
Section 269S Chapter not to extend to State of Jammu and Kashmir
Section 269SS Mode of taking or accepting certain loans, deposits and specified sum