Under section 138. what is the new procedure?
nagarathinam
(Querist) 24 March 2016
This query is : Resolved
Under direction of RBI that from 1st April 2016 the clearing of cheques would be done on the same day in house where cheque is deposited i.e. with any Bank whether Nationalised & co - operative etc. and while screening if there is insufficiency of fund the bounced chq cannot be represented again & payee if need be will have to file legal complaint under section 138. What is the new procedure?
P. Venu
(Expert) 25 March 2016
What is the source of your information as to new procedure?
SAINATH DEVALLA
(Expert) 26 March 2016
Answer to the questions of the above experts and then solicit a reply.
Dr J C Vashista
(Expert) 27 March 2016
Dear Mr. Nagarathinam,
I have not gone through any such order from RBI, however, RBI has no legislative powers which are retained by the Parliament of India.
You will agree the aforesaid order, if passed, will have wide ranging repercussion and cannot be passed without due deliberations.
Can you please provide a copy of such an order issued by RBI for the sake, information and knowledge of legal fertanity ?
Thanks & Regards
Dr. J C Vashista, Advocate,
Delhi High Court
98911532939
email: majjagdish@yahoo.com
Advocate/CS Sanjeev Kataria
(Expert) 25 March 2016
