Legal Question in Banking Law in India

one of the borrowers of our bank has given a letter mhe would pay th amts. entioning his loan a/c nos. date of loan and outstanding balance and wrote that he would pay the amounts on or before certain date. he signe on the paper without
stamp. whether it is amounted as acknowledgement of debt/revival letter. pl. clarify.

Asked on 6/08/16, 10:25 am

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1) Letter of acknowledgement of debt obtained before the expiry of the original documents will revive the debt.

2) It must be : (i) in writing (ii) signed by the borrower; (iii) addressed to the lender (Bank); (iv) bearing revenue stamps of appropriate.

Answered on 6/08/16, 10:39 am

Fca Prashant Chavan Expert Edge LLP

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08.06.2016

Dear Sir / Madam,

Yes, an unstamped signed receipt is also valid in the eyes law.

Regards,

Answered on 6/08/16, 11:00 am

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