Fake note seize by bank

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2013 Dear Experts,

Today i.e dated 16.11.2013 I went to ICICI Bak Goregaon Aarey Road Branch for submitting Rs.38000/- Cash in that 1 note of Rs.1000/- is fake note detect by the ICICI bank machine or there system. I said return to me and I said them i will tell to people from whom i received it but bank not given me return that not and they are saying we will not give you that note or any value in your account and they seize my note.
I collect this money members from our society ant it will difficult to detect the member who has given me.

Now i am suffering a loss

Thanks in advance.....

My query is bank has a right to Seize the money?

Kindly give your valuable suggestion

CA Vivek R Trivedi

CA Vivek R Trivedi (Expert)
Follow

16 November 2013 yes bank is right at its action. And you should divide loss among all members of sssociety equally. U can held bank responsible. Bank is corect , they have to do what they done as per law. So next tym take care whlie accepting big currency notes.

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2013 Thank you Very much......

Upgrade to CAclubindia Pro. Subscribe Now!