Cheque bounce
Raju
(Querist) 18 April 2013
This query is : Resolved
Respected sir/mam,
If Mr. X and Mr. Y had entered into an agreement. Mr. X had given a cheque as security to Mr. Y.
Now Bank (Mr. X) licence has been cancelled by RBI Due to some reason.
Now what action Mr. Y can take against Mr. X because Y can not deposit the cheque due to RBI restriction .
Kindly discuss your valuable input on this.
Regards
Raju
V R SHROFF
(Expert) 18 April 2013
IF ONE CAN'T DEPOSIT CHQ:
No 138.. Cheque bounces only after one deposit!!!!!!!!!!!!!!!!!
Raju
(Querist) 18 April 2013
Respected sir,
For Example,
Now In 'X' bank , deposit of cheque and withdrawal of money restriction is imposed RBI.
Assume Mr. X has given bank cheque dt 18/04/2013.
Now cheque can not be deposit since RBI restriction.
What action can be taken against Mr. X.
R.K Nanda
(Expert) 18 April 2013
state actual facts.
Raju
(Querist) 19 April 2013
Dear sir,
I had entered into an agreement with a person for purchase of his property. As a token i had paid Rs.200000/-.
Due to non availment of loan in time we are not in a position to purchase that property so we have cancelled the agreement and entered into an new agreement has taken post dated cheque as security
in our new agreement stating previous agreement will be valid and remain in force upto realisation cheque which is paid by the seller.
He had given Amanath Bank cheque. Now i can not deposit that cheque due some restriction imposed by the RBI.
Kindly let me know what are the action i can take on this.
ajay sethi
(Expert) 19 April 2013
you mean to say period of valsity of cheque has expired? is cheque more than 3 months old . if so you cant deposit said cheque
Raju
(Querist) 19 April 2013
Respected sir,
Cheque is still valid.
In amanath bank cant withdrawal of money more than 1000/- per day or deposit any cheque. (RBI restrction is going on)
So i can not deposit cheque.
Regards
Raju
ajay sethi
(Expert) 19 April 2013
ask accused to give cheque of another bank on account of RBi restrictions
Raju
(Querist) 19 April 2013
Respected sir,
In case if he denies to give the cheque what action can be intiate.
ajay sethi
(Expert) 19 April 2013
talk to him telephonically see his response . if he refuses deposit the cheque . let it be dishonoured for reasons RBi restrictions . then send formal letter informing him of dishonour and to make payment within 15 days .
Raju
(Querist) 19 April 2013
Thank u for your valuable inputs.
Raj Kumar Makkad
(Expert) 19 April 2013
Follow the suggestion of Ajay in this matter.
Raju
(Querist) 20 April 2013
Respected sir,
Definitely i Will follow the instruction of Mr. Ajay sethi.
ajay sethi
(Expert) 20 April 2013
thanks for your appreciation
