Legal Question in Banking Law in India
Can a Bank cancel expired Demand Draft without revalidation?
Are there any regulations which Banks need to follow or any court judgement on cases?
Asked on 7/25/13, 11:24 pm
3 Answers from Attorneys
dear client...............
No bank can not cancell the expired DD ]
for details contact me at [email protected]
Answered on 7/26/13, 2:53 am
J. Radhakrishnan
independent Practice
Banks won't cancel on their own DDs. Issued by them.
Answered on 7/26/13, 10:59 am
Fca Prashant Chavan
Expert Edge LLP
29.07.2013
Dear Sir / Madam,
The bank is supposed to contact the A/c holder who has issued the Demand draft and credit the sum specified in the Demand Draft back to the holder's (Payer's) A/c since the validity period of the draft has expired. A Demand Draft cannot be revalidated on the same instrument. A fresh instrument has to be issued by the bank.
Regards,
Answered on 7/29/13, 1:47 am
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