A patpedhi is established under Maharashtra Co-Op Societies Act for the purpose of accpting Deposits and giving Loan to its members. Whether section 269SS & 269T is applicable for deposits taken and Loans given in Cash over Rs.20000/-.
SACHIN DHARMENDRAKUMAR JAIN (Chartered Accountant) 08 July 2011
A patpedhi is established under Maharashtra Co-Op Societies Act for the purpose of accpting Deposits and giving Loan to its members. Whether section 269SS & 269T is applicable for deposits taken and Loans given in Cash over Rs.20000/-.
pratik (self working) 13 July 2011
i also want to know.
A V Vishal (Advocate) 13 July 2011
Yes, the provisions under 269 apply.
jagadish hiremath (advocate & tax consultant) 29 August 2011
Sec 269SS applies. It is better to transfer such loan to Member's SB A/c and get or credit through SB a/c or pigmy a/c
Sadashiv Rupchand Gaikwad (Partner) 10 September 2011
Patpedhi is not Banking Company under Company Act, SO 269SS is applicable
CA. Vipul Jadhav (Partner) 18 January 2013
Yes Section 269SS and 269T are applicable to Pathpedhi's / Patsanstha's, Since the same is not a Bank under the RBI Act.
Radhakrishnan K.V. (Joint Registrar of co-operative societies (Rtd.)) 19 January 2013
No. Section 269SS & 269T is not applicable for deposits taken and Loans given in Cash over Rs.20000/-.
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