Use of bank locker

Asso Vice President

X hold a Bank Locker.

1. Can X keep hard currency notes (Cash) in the Bank locker?

Bank Locker Agreement states: Hirer shall not use or permit the locker to be used for any purpose other than for deposit of documents, jewelry or other valuables.

2. Whether Cash can be considered under "other valuables"

My legal friend says: Valuables are those items which have an element of assessement to ascertain the value in the denomination of money.   Hence, money being money cannot be considered under "Valuables"

3. Whether PML Act is applicable for cash kept in Bank Lockers?  X think PML Act applies to cash movement in Bank accounts (which have audit trail).

Being serious matter, I seek thorough interpretation from top-notch professionals.

 

 

 
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FIN

Your frienis right. You have signed the agreement with your Bank.
 
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1. Yes you may keep anything. The agreement clause you wrote works basically to indemnify the bank. So entire responsibility is yours.2. Cash is not other valuables. 3. Yes. POMLA does in fact apply to cash kept in your locker if the same has been found by enforcement directorate/i.t. department on raid with or without search warrant.
 
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