pro note
K Pradeep
(Querist) 03 November 2015
This query is : Resolved
I gave my friend rs 14 lacs in cash, i now want him to endorse a pro note, he is ready to give me a pro note, three blank chques, he is living in bangalore, am in tamil nadu, money was handed over in tamil nadu, can i file a suit against him if he fails to pay the amount with 12% interest, he is working in indian air force, he got the money for personal purpose, i have no lending licence, plesse guide me
Kumar Doab
(Expert) 04 November 2015
First of all defend your principle.
Get a written acknowledgment ASAP rather at-once.
Interest comes later.
Dr J C Vashista
(Expert) 05 November 2015
You have already given Rs. 14 lakh to your friend in cash without a colletaral security; payment of cash more than Rs.50,000/- (fifty thousand) is illegal transcation;
you have given friendly loan and seeking interest @12% per annum without holding "Money Lending Licence" is again illegal;
your friend (borrower)is working in Indian Air Force, he has to disclose the transaction to the organisation which he did not do, which is again illegal;
No advise to recover aofresaid illegal money lending transaction by legal means.
Consult some local prudent lawyer or let the borrower may enjoy (or return the money-take a chance).
Hemant Agarwal
(Expert) 05 November 2015
1. Totally "FORGET" the loaned amount and the Interest, etc.... , which in itself is lawfully illegal and reeks of Greed and illegal transaction.
2. At the most, make a written complaint to the Friends senior administrative officer, of his dept., of the Air Force, about the cheating attitude of your friend. This might work. May a TRY ????
Keep Smiling .... Hemant Agarwal
Read Articles: http://hemantagarwal21.blogspot.in/?view=sidebar
V R SHROFF
(Expert) 05 November 2015
collect PROMISSORY NOTE
ALSO COLLECT PDC
Something is better than nothing
K.S.Srinivas
(Expert) 11 November 2015
Agreed with Sri Hemant Agarwal.
