Legal Question in Banking Law in India
Can banks move uncliamed (or not presented) expired demand draft to P&L after 3 years with a clause that any subsequent claims would be honoured and denied by the bank
Asked on 4/23/14, 12:05 am
2 Answers from Attorneys
Jayesh Desai
Jayesh Desai
It cannot be both i.e. honoured as well as denied. Please be clear in your question.
If it is honoured there is no question. After three years law of limitation would not permit you to enforce your rights.
Answered on 4/23/14, 1:51 am
Fca Prashant Chavan
Expert Edge LLP
q4.04.2014
Dear Sir / Madam,
No ... not at all ... no excuses here. The bank is supposed to contact the drawer of the DD informing him that the proceeds have not been encashed by the drawee and the Bakk is legally bound to credit back the amount (less charges) to the drawer.
Regards,
Answered on 4/24/14, 8:23 am
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