Legal Question in Banking Law in India
Installment of a loan amount is paying through ECS. This ECS bounce is falling under cheque bounce case. if yes why, this is normal courese, they taken installment paying montly basis and it is not equal to issue a cheque.
Asked on 2/28/16, 4:59 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
29.02.2016
Dear Sir / Madam,
Just as a Sale is complete only when the Money is realized; likewise an ECS (Electronic Clearing Service) payment is considered to be effected only when the creditor's / lender's Bank has received the amount.
Regards,
Answered on 2/29/16, 2:12 am
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