Legal Question in Banking Law in India
I RECEIVED A MESSAGE FROM MY BANK AT 9 AM THAT "CHEQUE FOR Rs 300000/- IS APPEARED FOR CLEARING, PLEASE CONTACT YOUR BASE BRANCH". THE BANK OPENS AT 10 AM & BY 11 AM WE HAD SUFFICIENT AMOUNT. STILL THE CHEQUE WAS RETURNED. IS THIS CORRECT?
Asked on 8/12/14, 3:26 am
1 Answer from Attorneys
Yes. You should have sufficient funds before presenting the check.It is not mandatory to bank to inform for insufficient funds. It's duty of a/c holder to keep the funds sufficient in time.
Answered on 8/12/14, 11:34 pm
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