52[CHAPTER XX-B
REQUIREMENT AS TO MODE OF 53[ACCEPTANCE,
PAYMENT OR] REPAYMENT IN CERTAIN
CASES TO COUNTERACT EVASION OF TAX
53[Mode of taking or accepting certain loans and deposits.
54269SS. No person shall,
after the 30th day of June, 1984, take or accept from any other person
(hereafter in this section referred to as the depositor), any loan or deposit
otherwise than by an account payee cheque or account payee bank draft if,—
(a) the amount of such loan or deposit or the
aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan
or deposit, any loan or deposit taken or accepted earlier by such person from
the depositor is remaining unpaid (whether repayment has fallen due or not),
the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to
in clause (a) together with the
amount or the aggregate amount referred to in clause (b),
is 55[twenty] thousand rupees or
more :
Provided that the provisions
of this section shall not apply to any loan or deposit taken or accepted from,
or any loan or deposit taken or accepted by,—
(a) Government ;
(b) any banking company, post office savings bank
or co-operative bank ;
(c) any corporation established by a Central,
State or Provincial Act ;
(d) any Government company 56 as defined in section 617
of the Companies Act, 1956 (1 of 1956) ;
(e) such other institution, association or body or
class of institutions, associations or bodies which the Central Government may,
for reasons to be recorded in writing, notify 57 in this behalf in the
Official Gazette :
58[Provided further that the provisions of
this section shall not apply to any loan or deposit where the person from whom
the loan or deposit is taken or accepted and the person by whom the loan or
deposit is taken or accepted are both having agricultural income and neither of
them has any income chargeable to tax under this Act.]
Explanation.—For the purposes of
this section,—
59[(i) “banking
company” means a company to which the Banking Regulation Act, 1949 (10 of
1949), applies and includes any bank or banking institution referred to in section 51 of that Act ;]
(ii) “co-operative bank” shall have the meaning
assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949) ;
(iii) “loan or deposit” means loan or deposit of
money.]
