Security Cheque

Pavan (Querist) 22 August 2017 This query is : Open
I have transferred 5 lac Rs. by NetBanking to seller for products and for security purpose i have taken security cheque of 5 lac Rs from that seller.

My question is :

1) Is only security cheque is safe? (Because later he may cancel cheque, close bank account or present wrong signature etc)

2) Is there any other safe way ?

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Pavan (Querist) 22 August 2017
I want to secure my given money.

Rajendra K Goyal (Expert) 22 August 2017
If you want to secure your money, promissionay note with receipt of money is one avenue.

You can mortgage some property.

You can enter into clear termed stamped agreement.

Can keep PDC as extra measure.

Advocate Bhartesh goyal (Expert) 22 August 2017
Promissory note with receipt is best option.

S Raut (Forensic Expert : IFS) (Expert) 24 August 2017
Very well advised by experts...

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