Legal Question in Credit and Debt Law in India

I have paid a sum of Rs.500000/- to my relative(Rs.3lakh as Cash and 2lakh thru bank), who promised to pay interest at bank rate- The total amount was kept in bank as FD. I had withdrew for this purpose, as I would not suffer any interest loss because of his promise. Now he is not willing to pay the interest amount. What action I can inititate against him to recover the interest as promised by him. No documentary evidence is available for the promise apart from the banking transaction.

Please give me a proper reply so that I can recover the amount as it is my hard earned money.

PK Bhargavan

[email protected]


Asked on 12/15/14, 7:59 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.12.2014

Dear P K Bhargavan,

You should ascertain the reason for your relative not paying you the interest agreed. If the reason is not satisfactory, you should inform your relative to return back your money failing which you should report the matter to the Police for intervention and settlement.

Regards,

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Answered on 12/17/14, 5:16 am


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