Legal Question in Banking Law in India
My banker is claiming recovery of Safe Deposit Locker Rent, since 1999, as they claim that the Locker was not surrendered. I remember of having surrendered the Locker. Now the bank has been claiming recovery of rent for last 16 years. Law of Limitation is applicable in this case?
2 Answers from Attorneys
1) Locker rent due is not considered as 'Debt' as per recent SC judgement.
2) Find out facts from the bank and go for OTS or contest the claim.
26.05.2016
Dear Sir / Madam,
No. the law of limitation does not apply. If you have already surrendered the locker, produce documentary evidence with the Bank's acknowledgement date and refute the Bank's charges. Otherwise, pay up the outstanding locker rent till date to the Bank and obtain the receipt and close the locker facility obtaining an acknowledgement from the Bank.
Regards,
Related Questions & Answers
-
I had a cc loan of rs.500000 against security of rs.200000 since about a year and... Asked 5/24/16, 10:34 pm in India Banking Law
-
Sir may name is vamsi krishna, my father an andhrabank employee expired in... Asked 5/24/16, 12:41 am in India Banking Law
-
I got dd from bank for education loan in 2010 but I not submit it to college.it was... Asked 5/23/16, 5:23 am in India Banking Law
-
YOUR OPINION PLEASE:-- DRT PASSED ORDER AS : "'THERE IS NO EXPLANATION FROM THE... Asked 5/21/16, 9:31 am in India Banking Law
-
A chq was provide by the customer to a random person who calls him without any... Asked 5/19/16, 6:34 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
