Credit co-op society argues correctly

Sarita Jaiswal

I deposited Rs 500 in a cooperative credit society in a recurring deposit scheme. At the time of repayment the society insists that since the amount exceeds Rs 2000 payment could be made only through cheque. Please let me know the legal position.

I C Naik

Society is correct in its stand. Amount exceeding Rs 200 could not be paid in cash.