Can i know pvt bank money is consider as public money or not
Ajay
(Querist) 01 August 2012
This query is : Resolved
Dear sir.
Few years back supreme court has given a judgement that Private bank money connot be consider as public money,can i get judgement copy.
Guest
(Expert) 01 August 2012
Public money is what the Central or State Government receives from public through taxation, deposits, or cost of services to form part of the consolidated fund of India or State and be appropriated in public services the accounts for which are to be rendered to the Parliament through appropriation accounts along with audit report of the CAG of India. Public funds are not meant for profiteering or gain for any individual or organisation, like deposits with the private banks.
Ajay
(Querist) 01 August 2012
sir,when claim their money in DRT court they always ple its public money and if borrower does not pay money public money is at risk.so i hv read one news long back in icici bank matter and supreme court has directed that pvt bank money cant be treated as public money
Guest
(Expert) 01 August 2012
So, by posing a question without background, you wanted to find immoral support from the experts to swindle away the hard earned deposit money of the public, who keep their money with the bank for safety and to add some earning also. You asked me about definition of public money, which I provided to you in good faith. Sorry dear, you don't deserve any help. MY ADVICE, YOU MUST REPAY YOUR BORROWED FUNDS.
Raj Kumar Makkad
(Expert) 04 August 2012
Nothing to add in the wise opinion of Dhingra ji.
Ajay
(Querist) 04 August 2012
we feel dhingra ji should know the case before making any comment,if dhingra ji senior and expert advocate than he must be knowing that no body can swindle bank money if he is defaulter,only he can swindle money is bank is defaulter and that too in big way.
so before going into conclusion plz know the case in full than comment.
Further no businessman want to creat rift with bank unless and otherwise bank start creating trouble.
Guest
(Expert) 04 August 2012
Thanks for the wonderful advice from the querist, who himself failed to provide any background of the issue. His generic query was like a student, as if he wanted to enhance his knowledge. So, he was replied accordingly, what officially the public money is considered.
The question arises, if Mr. Ajay had good intention to ask some solution to a genuine problem, why did not he come forward with a clear problem he was facing instead of posing a student-like question?
So, Mr. Ajay, with reference to your present advice where you have referred about "bank's default in big way" and expecting me to know your "case in full," I would like to pose a question to you. "Does your follwing supplementary information of two days back depict a full case or bank's default in big way?
"when claim their money in DRT court they always ple its public money and if borrower does not pay money public money is at risk."
From the very brief info provided by you, anyone can guess that the intention of the borrower is to swindle the money taken as loan from bank.
NOW MY ADVICE TO MR AJAY--
Instead of making a controversial issue, must come forward with the real, but genuine, problem for seeking any solution to his problem, whenever he feels like getting any help from experts.
Ajay
(Querist) 04 August 2012
Dhingra Saheb
We really appreciate your way of reply.We had 3 loan from hdfc bank,2 housing loan and one cash credit.We were doing well but in 2008 we face severe reccesion as we were dealing in building material but even during reccesion we were paying interest and instalment but by 2009 we exaust fund and we requested hdfc bank to defer my payment for 6 month and we will pay entire due amount after 6month but they refused bluntly in written that we have to pay as per agree terms where as we had a agreement that when ever borrower in problem,borrower has to inform bank and will be help in best way but no help.
Even than we were paying instalment but instalment were little late may be 1 month to 2 month late and we were clearing interest portion also within 90days to avoid my account NPA,bank has issued a letter to us to pay 1.92 Lac by 30th october otherwise our account become NPA,we paid 1 Lac on 20th october and another 1 Lac on 31st october.after payment also they issued 13/2 notice on 29/12/ which was also less than 90days from our payment date.Even further after 13/2 notice on 29/12,we clear entire cash credit interest on 10th january just after 15 days from notice even than bank issued 13/4 notice on 26/3 just 11 days before also they took instalment.
We try our best effort to avoid NPA BUT HERE BANK EMPLOYEE CONNIVING WITH REAL ESTATE AGENT TO MAKE UNDER TABLE MONEY BY SELLING PROPERTY AT HALK PRICE AND TAKING MONEY FROM BROKER.
BANK HAS NOT FOLLOWED ANY NORM NEITHER ANY HIGH COURT ORDER.EVEN DRT COURT ALSO DID NOT SEE ANY OF MY FACT AND SIMPLY REJECT MY SA WITH COST WITH INDICATE EVEN GETTING JUSTICE IN INDIA IS DIFICULT.ONLY HOPE IS HIGH COURT AND SUPREME COURT
Guest
(Expert) 04 August 2012
Dear Ajay,
Of course, now you have come forward with your real problem, but still it lacks some vital information, like whatever request you made, whether that is available with you as a duly recorded and acknowledged proof or not. If nothing was in writing, your verbal communication would not have any value before the DRT, as only recorded proof of your requests or compliance of the bank's instructions on making payments as asked from time to time, can help you to prove your stand and the highhandedness on the part of bank before the DRT.
Now about your query, you could perhaps have understood well to what extent misunderstanding can be created by a communication gap and what impression that can thrust on the mind of the readers, if the problem is not well explained.
Ajay
(Querist) 04 August 2012
Dhingra saheb
We have submited all document,we have every thing in black and white and even bank reply also in black and white,we submitted all bank statement,all correspondence were attached with rejoinder,details of payment were submitted which was accepted by bank but DRT Judge has ignore all and just given simple judgement that bank has issued 13/2 notice and notice is recieved by borrower and account become NPA hence SA is dismissed,he has not discuss at all when account become NPA,which payment default make our account NPA,all these incident making us to loose trust on lower judiciary also
Guest
(Expert) 04 August 2012
For injustice by the tribunal, you may go for appeal under Sec.20 of the DRT Act before the DRT Appellate Tribunal.
Ajay
(Querist) 04 August 2012
sir
that is what bank want.Bank inclination is for us to go to DRAT as in DRAT we need to deposit 25% of prinicple loan amount,If we have money to pay instalment in time and no delay than why we allow bank to creat problem.If we move to DRAT,it is compulsory as per Supreme court guideline to deposit 25% money in DRAT by this way bank at least got 25% money.So moving to DRAT is problem for us.Can DRAT waive 25% money clause that we stand very good chance of winning case.
