(1)No person shall take or accept from another person any loan or deposit or specified sum, except through—(a)an account payee cheque; or(b)account payee bank draft; or(c)electronic clearing system through a bank account; or(d)any other prescribed electronic mode,if,––(i)the amount or the aggregate amount of such loan, deposit, or specified sum; or(ii)the amount or the aggregate amount of any previously taken or accepted loan or deposit or specified sum by such person from such another person, which is remaining unpaid, whether due for repayment or not, as on the date of taking or accepting such amount as referred to in clause (i); or(iii)the aggregate of the amounts referred to in clauses (i) and (ii), is ₹ 20000 or more.
