Regarding promissory note
srinivasan
(Querist) 03 June 2014
This query is : Resolved
Dear All,
One year back, one of my colleague borrowed my credit card & took 37000 from my card. But he didnt repaid it since now. I'm keeping on asking him but he is saying that i will pay it but pls give me some time. But my card bill has been hiked now to 1,20,000. I'm so afraid of this & him. Now one of my friend told me that you can get a signature in the promissory note for the amount he needs to pay. So my doubt & question is,
Is the promissory note valid now?
What is the procedure to use this?
Shall i write myself in the document & get a notary public's signature to validate that?
Do i need to suffix a revenue stamp in that for the whole amount 120000, how much of revenue stamp should i need to use?
Is there any legal issues there?
I'm totally lost in this.. could anybody help me on this please.
Waiting for your valuable feedback.
Regards,
Srinivasan Shanmugam,
Srini2419@gmail.com
T. Kalaiselvan, Advocate
(Expert) 06 June 2014
If your friend is agreeing to execute a Promissory note i your favor, you can very well get it duly signed and witnessed by a third person commonly known to both of you. One rupee revenue stamp will do for this.
V R SHROFF
(Expert) 06 June 2014
Get a Pro note signed for 1.2L , no need for witness or notary. [ revenue stamp must. Prefer Non judicial Stamp paper of Rs. 20 or 100/- in ur name
Also advised to get a PC for equal amount,
See that he write by himself the amt in fig, words, date & ur name+ confirmation letter of returning hand loan with chq no.
Take small cheque of Rs. 100/- to verify bank a/c + sing, and 1.2L for loan, as hand loan.
You will have opportunity to recover ur amt. u/s 138 NI.
