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.