Money given for interest ,best things to keep.
Alohith Baba
(Querist) 20 May 2013
This query is : Resolved
Greetings
As this query is more general, hope most of them would give thier valued suggestions.
When we are giving money to others for interest,what are the important steps to take like
1.Promisory note-does this really helps in law suit.
2.cheque with no date-what if they stopped the payment for that cheque without. Knowing us long before
3.Agreement-if it is notary is must or not?
4.keeping any land or house documents helps us really
5.Finally the transaction should made in white(cheque or NEFT),What if it makes in black(cash in hand).
R.K Nanda
(Expert) 20 May 2013
state real facts.
Alohith Baba
(Querist) 20 May 2013
I gave 2 lakh rupees,in return got two promisory notes and two cheques of one lakh each.
promisory notes were partially filled and on cheques date wasn't mentioned.
money was tranfered through NEFT for 50k,50k,44k ,50k,5k respectively as bank doesn't support more than 50k a day.(k means kilo =1000).so it was white.
are thses are 100% strong enough to fight in law suit.or else better to have an agreement and keeping any land documents with us?
please suggest taking time also in consideration.it mean court case running mostly 18months is ok,like that we have to be ready/careful with evidences in future.
Raj Kumar Makkad
(Expert) 20 May 2013
Better to execute an agreement and 3 years is the period for the litigation from the date of last confirmation of debt. The promissory note and cheques can be duly mentioned in the same agreement.
Alohith Baba
(Querist) 20 May 2013
Yes I was in same plan to have agreement on bond paper.
Thanks for your suggestion Raj sir
V R SHROFF
(Expert) 20 May 2013
Any agr pro notes vlid for 3 years only. plan accordingly. file suit within limitation period, deposit chq [ validated for April 1st 2013, within 3 months 1st july 13
Alohith Baba
(Querist) 20 May 2013
Dates on cheque were left blank,will write the date on it, when he was about to give,any problem with cheques dated later with different pen?
ajay sethi
(Expert) 21 May 2013
let the drawer of cheques only fill in dates . if drawer fails to make payment on time and cheque is dishonoured file summary suit
