11 October 2017
Dear Sir/Madam, I work for a Non Banking Finance Company, My question is regarding recent changes in reporting requirements under section 269T in which we have to report the receipts of repayment of loans and advance exceeding Rs. 20000/- otherwise than by account payee cheque. We generally finance auto rickshaws & we receive cash from almost 80% of our borrowers as they generally do not have bank accounts. I want to know if suppose we receive loan installment of Rs. 6000/- per month and 72000/- per year IN Cash from one borrower whether we have to report that also as it is very difficult for an NBFC to report such details then it has such accounts in thousands.
CAclubindia
