Legal Question in Banking Law in India

On Feb 16th I deposited two US checks in to my accounts at SBI Shillong. Checks are from different banks but both banks released checks the same day. Original banks in the USA. Funds from one check got credited in to my account 4 weeks after deposit date but funds from the other check is still not been credited in to my account as of today. Both checks are my own checks from my account in the USA. My bank sent me a copy of the checks that SBI shillong had/has and stamped the checks.

My question is: How long does Indian law allow bank to hold on to the funds? Am I right that bank credit checks separately since they come from different banks with different routing and account#s?

Thanks


Asked on 4/03/13, 5:22 am

2 Answer from Attorneys
Jayesh Desai Jayesh Desai

International cheques are routed through the respective international branch of the Bank, in which it is deposited.

There is no prescribed time limit for such cheques, bank can await the fate of the same; and credit only if it is honored by the concerned bank. If you want speedy clearance follw up with their international branch, normally such branch is located in 4 metros.

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Answered on 4/03/13, 10:01 am


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