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TMI BlogMode of repayment of certain loans or depositsX X X X Extracts X X X X X X X X Extracts X X X X ..... l repay any loan or deposit made with it 4[or any specified advance received by it] otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit 5[or paid the specified advance,] 3[or by use of electronic clearing system through a 11[bank account or through such other electronic mode as may be prescribed]] if- (a) the amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment is by a branch of a banking company or co-operative bank, such repayment may also be made by crediting the amount of such loan or deposit to the savings bank account or the current account (if any) with such branch of the person to whom such loan or deposit has to be repaid : 2[Provided further that nothing contained in this section shall apply to repayment of any loan or deposit 9[or speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltural credit society or a primary co-operative agricultural and rural development bank to its member; or (b) such loan is repaid to a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.] Explanation.-For the purposes of this section,- (i) "banking company" shall have the meaning assigned to it in clause (i) of the Exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2002. Prior to its substitution, section 269T was inserted by the Income-tax (Second Amendment) Act, 1981, w.e.f. 11-7-1981 and later on amended by the Finance Act, 1984, w.e.f. 1-4-1984, Finance Act, 1985, w.e.f. 1-4-1986 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Inserted by the Finance Act, 2003, w.r.e.f. 1-6-2002. 3. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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