Amendment of section 269T.
60. In section 269T 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 60 of the Bill seeks to amend section 269T of the Incometax Act relating to mode of repayment of certain loans or deposits.
The said section prohibits a banking company or a co-operative bank and any other company or co-operative society and any firm or other person from repaying any loan or deposit made with it or any specified advance received by it, in any mode other than by an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account, if the amount being repaid is equal to twenty thousand rupees or more.
It is proposed to amend the said section so as to empower the Board to make rules to prescribe any other electronic mode of repayment of certain loans or deposits.
This amendment will take effect from 1st September, 2019.
