Payment of the amount for a transaction exceeding the value of ___ excluding payment against a utility bill shall be made by a crossed banking instrument showing transfer of the amount of the sales tax invoice in favor of the supplier.

A. Rs. 1,00,000/-

B. Rs. 50,000/-

C. Rs. 2,00,000/-

D. Rs. 25,000/-

Detail:

Section (73) Certain transactions not admissible: (1) Notwithstanding anything contained in this Act or any other law for the time being in force, payment of the amount for a transaction exceeding value of fifty thousand rupees, excluding payment against a utility bill, shall be made by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order or any other crossed banking instrument showing transfer of the amount of the sales tax invoice in favour of the supplier from the business bank account of the buyer:

Provided that online transfer of payment from the business account of buyer to the business account of supplier as well as payments through credit card shall be treated as transactions through the banking channel, subject to the condition that such transactions are verifiable from the bank statements of the respective buyer and the supplier.