Gilchrist Sarathi (Assisstant (Audit & Accounts)) (75 Points)
15 April 2013Dear Sir,
I would like to know elaborately about Revival Letter.
Kindly explain me.
Thank in advance
As per law of limitation a Demand promissory note is valid for a period of 3 years only.
A fresh set of documents must be obtained before the expiry of 3 years.
A revival letter is taken from the customer or gurantor to the effect that the Demand Promissory note taken by bank at the time of issuing loan shall be continuing security.
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