Cheque returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2016
What is the time frame for banks to return back cheques to its customer and legal implications if any. Can the bank recover its due back where wrongly credit has been made to customer for returned cheque
24 September 2016
Sir,
In your Query you have not mentioned which cheque is thus so I am giving you a general reply
The time period for local cheques is Max 2 days and if it is outstation cheques it is 7 days and the outstation cheque pertains to major cities it is 10 days
If wrong credit given the bank can recover the amount it was decided the case law United Bank if India vs Ali Hassan & Co.(AIR 1978 Calcutta169)
In your Query you have not mentioned which cheque is thus so I am giving you a general reply
The time period for local cheques is Max 2 days and if it is outstation cheques it is 7 days and the outstation cheque pertains to major cities it is 10 days
If wrong credit given the bank can recover the amount it was decided the case law United Bank if India vs Ali Hassan & Co.(AIR 1978 Calcutta169)
24 September 2016
Just follow the natural justice if money is credited is not belong to you then one should return back the money.in your case although the cheque amount credited to your account afterwards it was known that the cheque was actually returned .then the customer know that the drawer has returned it .so give back the amount
Just follow the natural justice
Just follow the natural justice
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
