Legal Question in Banking Law in India

a draft for 1 crore is presented through clearing. from the seal on the draft the originating banbk is contacted for confirmation. they confirmed they have not issued any such draft and asks to return what is the reason to be shown in the return memo 1)signature differs 2)forgery suspected(this is not in the printed form of return memo)


Asked on 11/02/09, 8:56 pm

4 Answers from Attorneys
Seshadri Srinivasan www.lawconcern.com

You have to give all conditions of the memo for an answer.

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Answered on 11/02/09, 9:00 pm
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

any of the bank, on its own can lodge an f.i.r against the presenter of the draft. the bank may even retain the draft and lodge the criminal case.

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Answered on 11/03/09, 3:11 am
KAMAL GROVER

Option 2is the right answer and bank can also lodge FIR for gorged draft.

Regards

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Answered on 11/03/09, 9:47 am
J. Radhakrishnan independent Practice

genuiness not confirmed by the issuer of the draft. Hence returned.

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Answered on 11/03/09, 2:12 pm


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