Whether payment made to a bank covered in this provision?

Ans. Payments made in a non-specified mode (i.e., cash, crossed cheque, bearer cheque, etc.) to the following institutions are not covered in this provision:

(a) RBI or any banking company;

(b) State Bank of India or any of its subsidiary banks;

(c) Co-op. banks or land mortgage banks;

(d) Primary Agricultural Credit Society or Primary Credit Society; and

(e) LIC