Legal Question in Banking Law in India
under NI act what are limitations in terms of days .
1. to issue a notice after recepit of bank memo.
2. after notice to put the case in the court
2 Answer from Attorneys
Notice should be issued within 30 days of the receipt of information of dishonour of cheque. Prosecution has to be launched within ONE Month from the date of expiry of 15 days from the date of receipt of notice of demand by the accused, if he fails to pay the same. I do not know where from Sri.Rajiv Gupta says it is 45 days. Please check with Secs.138, and 142 of the N.I.Act for the correct computation of limitation period. Of course, regarding the delay in making the complaint to the court within the aforesaid time can be condoned by Court if it can be explained by sufficient cause to the satisfaction of the court.
Related Questions & Answers
-
Dose any rbi circular says that only lead bank in the consortium has right to deal... Asked 12/15/12, 12:15 am in India Banking Law
-
My company is banking with a co operative bank in maharastra it is in a consortium... Asked 12/14/12, 10:45 pm in India Banking Law
-
Our bank has financed an asset. In case of sales tax dues, who has the first charge... Asked 12/14/12, 1:57 am in India Banking Law
-
A cash credit loan has been sanctioned creating mortgage on a collateral security.... Asked 12/13/12, 8:09 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
