60[Mode of repayment of certain loans or deposits 61.
269T. No branch of a
banking company or a co-operative bank and no other company or co-operative society
and no firm or other person shall repay any loan or deposit made with 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 if—
(a) the amount of the loan or deposit together with
the interest, if any, payable thereon, or
(b) the aggregate amount of the loans or deposits
held by such person with the branch of the banking company or co-operative bank
or, as the case may be, the other company or co-operative society or the firm,
or other person either in his own name or jointly with any other person on the
date of such repayment together with the interest, if any, payable on such
loans or deposits,
is twenty thousand rupees or more:
Provided that where the repayment is
by a branch of a banking company or co-operative 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 :
62[Provided further that nothing contained in this section shall
apply to repayment of any loan or deposit taken or accepted from—
(i) Government;
(ii) any banking company, post office savings bank
or co-operative bank;
(iii) any corporation established by a Central,
State or Provincial Act;
(iv) any Government company 63 as defined in section 617
of the Companies Act, 1956 (1 of 1956);
(v) 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 in this behalf in the Official
Gazette.]
Explanation.—For the purposes of
this section,—
(i) “banking company” shall have the meaning
assigned to it in clause (i) of
the Explanation to section 269SS;
(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 any loan or deposit of
money which is repayable after notice or repayable after a period and, in the
case of a person other than a company, includes loan or deposit of any nature.]