Legal Question in Banking Law in India

Sir,

I lost some DDs drawn in favour of Greater Visakhapatnam municipal corporation and

Found them now four years latter.My old

employee signed for the DDs and paid cash.

He left the job and we could not trace him.

I want the bank to revalidate the DDs again

favour of GVMC but they want the person

who signed for the DDs.Kindly suggest a

Solution. Iam ready to produce indemnity

bond to the bank if needed but banking

Authorities refused.


Asked on 5/04/15, 10:39 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

05.05.2015

Dear Sir / Madam,

If the DD's were issued by the Bank by collecting Cash, it is important to furnish the Cash Receipt issued by the Bank at the time of applying for the DD's to the Bank. If you have the entries for purchase of the DD's in your books of A/cs (Cash Book), you should provide an extract of the relevant pages as evidence that you have purchased the DD's. The only way left is to request the Bank Manager to re-validate the DD's by accepting an Indemnity Bond.

Regards,

Read more
Answered on 5/04/15, 6:30 pm


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