Mode of repayment of certain loans or deposits - Section 269T & Section 271E

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..... y 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 or paid the specified advance, or by use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed if- the amount of the loan or deposit or specified advance together with the .....

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..... tive 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 However, loan taken from following can be repaid otherwise than by account payee cheque: Government; Any banking company, post office savings bank or co-operative bank; Any .....

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..... ricultural credit society and primary co-operative agricultural and rural development bank shall have the meanings respectively assigned to them in Explanation to sub-section (4) of section 80P . Penalty for Failure to comply with the provisions of section 269T [ Section 271E ] If a person repays any loan or deposit or specified advance referred to in section 269T otherwise than in accordance with .....

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