Legal Question in Banking Law in India

If Datta given the bearer cheque to Raj XYZ as name(pay to). Raj has some urgent work, hence he send another person to collect cash from bank. What would be the process from bank employee to give hard cash? Is the person send by Raj need to attach his copy of identity to the cheque? or what else??


Asked on 2/08/17, 2:09 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

09.02.2017

Dear Sir / Madam,

No. The Bank is legally entitled to verify the credentials of the payee and ask the payee for a photo identity and his / her contact mobile number as and when the Cashier deems necessary. If the bearer cheque exceeds Rs. 20,000/- (Rupees Twenty Thousand Only) the Bank Cashier is further entitled to ask the payee for his / her PAN Number.

Regards,

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Answered on 2/08/17, 10:43 am


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