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Sudharshan (Partner)     22 September 2009

bank wont pay bearer above 20000

It is startling to see how many benchmarks are being created. I think there is no standard to setting anything at all in India. I tried to withdraw Rs. 44000 from a bank today in the morning. They refused to make the payment stating they cannot honour a non-self check above Rs. 20000. I tried to reason with them stating many occassions in which i was able to do so in other banks. They were very adament in returning the check. Is there any act in the negotiable instruments act which can be read to them and make them realise their stupidity. Or if somebody can highlight the amendment in the act which i should read up and probably apologise to them :D ?



Learning

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(Guest)

NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE

MOBILE.09325226691, 09271971251

e.mail.adv.nbsawant@yahoo.co.in

e.mail.nandkumarbs@sify.com

REGARDING WIDRAWAL MORE THAN 20,000/ - KINDLY NOTE THAT

1.THE BANK AUTHORITIES HAVE RETURNED YOU THE CHEQUE AS IT WAS ABOVE 20000/-  YOU MAY REFER INCOME TAX ACT PROVISIONS AND R.B.I .CIRCULARS. ALL PAYMENTS ABOVE 20000/ ARE TO BE MADE BY WAY OF CHEQUES.

2.BANK AUTHORITIES ARE FOLLOWING PROCEDURE. SOME BANKS  REQUIRE PRIOR INTIMATION IF WITHRAWAL IS MAJOR ,SO THAT BANK CAN ARRANGE FOR CASH IN ADVANCE AND KEEP IT READY.

HENCE KINDLY DO NOT GET ANGRY  AND TRY TO FIND OUT THE REASON FROM ANOTHER BRANCH OF SAME BANK , YOU WILL GET PROPER REPLY AND REASON FOR THE PROBLEM.

WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.

THANKING YOU

YOURS SINCERELY

NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI), ADVOCATE.


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