Legal Question in Banking Law in India

if i have summit a cheque ''without a/c payee'' PAY........SELF +NAME (third party)....with the large amount of Rs ten lac only and the a/c does not maintain sufficient fund.then question is here that 1) is this cheque is valid and acceptable by bank? 2) can bank return this cheque with memo? 3) if bank returned this cheque to the third party then which memo will atteched there? or ask to third party (name mentioned on cheque) for come with self*(mentioned on cheque)a/c holder* and then collect cash or clarify from the a/c holder?

if bank failed to connect with a/c holder then which memo can atteched with this cheque?

unvalid cheque?or effect not clear? or unsafficient fund? or another?

and what is the banking guidlines by RBI on this type of the cheque? plz clear my doubt


Asked on 10/27/16, 3:46 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.10.2016

Repeat query. Already answered.

Read more
Answered on 10/27/16, 4:41 am


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