Loan given in cashexceeding 20000/-

This query is : Resolved 

21 September 2012 I have a business of lending money to aboriginal people on pledging there jewelery who lives in forest & rural area and dont aware about banking, and doesen't have any bank account therefore I can't lend them money by cheque or draft, further i have to accept cash on respect of principal & Interest

DO I attract 269SS & 269T

22 September 2012 Hi
according to me it wont attract section 269SS and section 269T because jewellery is placed as a security...So it will be included in secured loans...

23 September 2012 You are not taking or accepting loans and deposit neither there is repayment of loan or deposit therefore no provisions of 269SS or 269T attracts in your case.




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