Legal Question in Banking Law in India
If the bill of exchange (1 lac hundi) issue in the year 2005, there have no stamp duty paid by drawer or drawee, is that bill of exchange is valid under which act? Please give legal openion. Thank you.
Asked on 10/19/11, 1:17 am
3 Answers from Attorneys
J. Radhakrishnan
independent Practice
bill of exchange payable on demand need not be stamped. If it is for a period, and if it is not stamped, it cannot be produced as evidence of the loan transaction. However a suit based upon simple cash transation is possible and the unstamped B/E used as collateral evidence. Consult local lawyer and proceed.
Answered on 10/19/11, 6:35 pm
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
the suit for recovery can be filed within 3 years from the date of cause of action. provide the details that cover limitation.
Answered on 10/20/11, 12:16 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
consult a local lawyer
Answered on 10/20/11, 6:19 am
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