Legal Question in Banking Law in India
Kindly Give me more information
1. What is the terminology to give any one Cash of rupees 1 Lac.
a. what kind of documents needs?
b. Is Any one can give cash as Loan of Rs. 1 Lac ?
c. what about witnesses?
Asked on 3/25/11, 11:12 pm
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Whet you give cash as loan it is called lending.
a) A promissory note.
b) any one can give cash or Rs.1 lakh as loan if he is an individual and not a company
The borrower if he is income tax assessee, the loan will be treated by I.T.department as unexplained income unless given by account payee cheque.
c) it is advisable to have witnessess for the lending as also signing as witness in the promissory note.
Answered on 3/26/11, 10:26 am
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