Borrowing of money
M. R. Khan
(Querist) 12 February 2013
This query is : Resolved
D/Experts,
one of my relative is requesting to borrow from me Rs. 1,50,000, for 2 Years, i want to give the cheque and in addition want something in written from him as follows:
(((On Revenue stamp of 25 Paise.)))
I, Mr. ……………………………………. S/o…………………………………………………………..
promise to pay Mr.…………………………………. S/o…………………………………………, the sum of Rs. 1,50,000/= (Rupees One Lack and fifty thousand only), on or before 13-Feb-2015.
Place:
Date: Signature.
Pls. advice, about correctness and whether its safe and secure.
Thx.
Anirudh
(Expert) 12 February 2013
I, ……………………………………, S/o……………………………………………, Resident of .... have received from Mr...... S/o. Resident of ..... a sum of Rs. 1,50,000/- as loan vide Cheque No....... dated ...... drawn on .....Bank.
I promise to pay Mr.………………………………… the sum of Rs. 1,50,000/= (Rupees One Lack and fifty thousand only), on or before 13-Feb-2015.
Place:
Date: Signature on Revenue Stamp of Rs. 1/-(not 25 paise)
If you get the above promissory note, you will be safe.
ajay sethi
(Expert) 12 February 2013
agree with anirudh. it is interest free transaction i presume out of love and affection
RAJU O.F.,
(Expert) 12 February 2013
The loan is without security granted at your own risk and responsibility, in the matter of recovery.
M. R. Khan
(Querist) 12 February 2013
many thx.. all Exp't
M. R. Khan
(Querist) 12 February 2013
Mr. Raju. It is indeed risky, but what to do, if you succumb to pressure. It is a kind of "emotional atyachaar".
Rajinder KumarAhuja9990725300
(Expert) 12 February 2013
Prefer taking a post dated cheque for the amount involved alongwith the promisory note as suggested by sh Anirudhji.
Dr J C Vashista
(Expert) 13 February 2013
A promissory note with PDC will be sufficient, otherwise it is better not to buy problem and/or enimity for you.
Anirudh
(Expert) 13 February 2013
When there is a promissory note, there is no requirement for a Post Dated Cheque (PDC).
There is no great advantage in getting a PDC.
For, if the person is dishonest and is not going to honour the Promissory Note, he will do the same with PDC also.
The only thing is when the PDC gets dishonoured, you will be able to file a complaint u/s. 138 N.I.Act. Still one has to file a separate summary suit u/o 37 for recovery of money.
