Amendment of section 269SS.
57. In section 269SS of the Income-tax Act, in the opening portion, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
Notes on Clauses:
Clause 57 of the Bill seeks to amend section 269SS of the Income-tax Act relating to mode of taking or accepting certain loans, deposits and specified sum.
The said section prohibits a person from taking or accepting from a depositor any loan or deposit or any specified sum equal to twenty thousand rupees or more otherwise than by an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account.
It is proposed to amend the said section so as to empower the Board to make rules to prescribe any other electronic mode for taking or accepting of certain loans, deposits and any specified sum.
This amendment will take effect from 1st September, 2019.
