Legal Question in Banking Law in
what to do in where i have found as i am a payee " stop payment by drawer" against a demand draft which i placed in our account? Acctualy I delivered materials to my castomar against a demand draft before cashment in our bank.But very strange to me, i noticed by our bank that the said draft have stop payment by drawer without any consent from me and have got huse loss... we will responsable ? And how i can cashment of said demand draft as i am payee ?
2 Answers from Attorneys
you may go for a complaint case under negotiable instruments act and also file a suit for recovery.
In a demand draft, the drawer is a bank. It cannot stop payment of its own draft unless it is fraudulent or forged. It cannot be stopped at the instance of the purchaser of the draft. If it has been done at the instance of the purchaser of the draft, after issuing notice to the chairman of that bank, if you do not get redress, file a complaint for deficiency of service before the Banking Ombudsman of your Region. You can get the details re. complaint from RBI website.
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