NI Act.

adv. rajeev ( rajoo ) (Querist) 10 July 2010 This query is : Resolved
In my opinion Exceeds Arrangements does not amounts to an offense u/s 138 of NI Act, when there is a over draft facility and OD limit is exceeded.

Follow Query

Report Abuse

Adv Archana Deshmukh (Expert) 10 July 2010
OD limit is the maximum amount that can be paid from the account by an arrangement with the bank. So, when OD limit is exceeded, it should attract s. 138NI, according to me.

DEFENSE ADVOCATE.-firmaction@g (Expert) 10 July 2010
Yes it is offence.

S. Bharath (Expert) 10 July 2010

Parthasarathi Loganathan (Expert) 10 July 2010
Overdraft limit is a fund based facility granted to a borrower which is out of the purview of NI Act. It is not termed as Overdraft in case of excess granted as it is only a temporary facility as per terms of loan agreement between a banker and its borrower customer. Banker is also a party to granting of excess on an OD facility

adv. rajeev ( rajoo ) (Querist) 11 July 2010
Thanks to all.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries