Section 548: Payment of price of goods

1) Except as otherwise provided for in the contract, the price of goods shall be paid as follows in any of the following circumstances:

(a)  The price of goods to be paid by the buyer to the seller, at the time of the purchase of goods by the buyer,

(b) At the time of the transfer of the goods.

2) While making payment of the price of goods pursuant to sub-section (1), it shall be paid in cash. Explanation: For the purposes of this Section, the term “cash” includes a cheque, traveler’s cheque, promissory note, bill of exchange, letter of credit, bank draft, credit card, and telegraphic transfer, payable through a bank.