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Can share money of a pvt ltd. co. be received in cash?

This query is : Resolved 
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(Querist)
08 January 2015 I would like to know that whether the share money received by a "Private Limited Company" at the time of its incorporation from its members, can be received by the company in cash? or is it mandatory to receive the same in bank?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
17 January 2015 COMPANY CAN'T RECEIVE SHARE APPLICATION MONEY IN CASH

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