Hi, if you are interested in learning about the cash payment limit for housing society, I can help you with that. I came to know about it a few weeks back after I started researching the administrative costs for maintenance and repairs. As per my research, the cash payment limit is Rs. 1,500, as per Bye-Law No. 144 and MCS Rule -107D. Any payments above this limit must be made by cheque.
What is the Cash Expense Limit for a Housing Society in India?
As I mentioned above, Rs. 1,500 is the cash payment limit. Apart from that, I learned about a few other cash-related limits for housing societies. I have added those below.
Cash in Hand: As per the rules set by the government, the limit for cash in hand at the end of the day is Rs. 5,000. Anything more than that, the rest of the amount must be deposited in the bank within three days.
Repairs and Maintenance: Rs. 100,000 is the maximum one-time payment limit..
Security bond: A security bond must be provided by employees and security for holding cash.
Audit Rectification Memo: If an audit rectification memo is not submitted to the registrar within 3 months then the society needs to pay a penalty of Rs. 5000.
And that’s about it. This is all I am aware of about the cash payment limit. For more information I would suggest you to consult a legal expert.
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What is the Cash Expense Limit for a Housing Society?
Vikas
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11 months
2025-01-06T12:08:40+00:00 2025-01-06T12:08:41+00:00Comment
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