Legal Question in Banking Law in India
return reason
What is the exact meaning of effects not cleared present again?
Asked on 7/04/09, 1:24 am
4 Answers from Attorneys
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
Re: return reason
insufficient of funds(indirectly)
Answered on 7/04/09, 6:03 am
J. Radhakrishnan
independent Practice
Re: return reason
The exact meaning is that some cheque or cheques which have been given by the drawer to his Bank for collection and credit have not yet been collected and proceeds received. If received it would be possible for honouring the cheque when presented again after it was returned with the reason mentioned in the return memo.
Answered on 7/04/09, 9:41 am
Pranav Desai
PD Legal & Associates
Re: return reason
The bank would be expecting funds. Hence present again.
Answered on 7/07/09, 6:21 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: return reason
The drawer may have deposited some cheques/instruments which may be pending clearing and the bank may be waiting for giving credit of that amount before dealing with the check in your hands.
Answered on 7/04/09, 1:44 am
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