Money lenders
This query is : Resolved
18 September 2015
My client is a money lender. He lends money above 20000 in cheque to his customers. His customers return back cash to him along with interest on quarterly basis. For eg if he lends 50000, his customers pays back 14500 for 4 quarters . It covers even the interest. My doubt is whether the customer can repay the amount by cash or is it compulsory to pay through cheque .
03 November 2015
Repayment of loan should be made only through cheque but interest payment can be made through cash.
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