09 February 2011
In case loan amount together with interest thereon exceeds Rs. 20000/ Section 269T prescribes that such repayment should be made by account payee cheque only.
In the Section it has been clearly mentioned that such a/c payee cheque or Draft should be in the name of person who has made the loan or deposit.
As such for loan or deposit amount exceeding such methods are not allowed.
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