Legal Question in Banking Law in India
My well wisher has presented a demand draft 41 days ago, but it is not cleared till now as per bank official statement. I wanted to know the banking law so that I may prepare myself to go to the Court.
Asked on 9/12/09, 3:50 am
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
its strange to find that the draft is not cleared despite 41 days elapsed. you need to write to both the banks, preferably send a legal notice.
Answered on 9/12/09, 12:47 pm
J. Radhakrishnan
independent Practice
It has to be cleared within 3 working days. For the delay beyond that period, you are entitled to interest at savings bank rate. Pl. check up from the collecting bank website their clearing policy which has been mandatorily published.
Answered on 9/14/09, 11:24 pm
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