interesting and challenging situation due to cts checks


A party has issued me a non CTS check of OCT 2013 earlier. Recently the checks given by the same party are bouncing due to non availability of funds and I have put 138 case against him for those checks.

But at present non-CTS checks are valid but to my understanding those will not be valid in OCT 2013 as of now.

I have already sent a request to party to give me CTS -2010 complient check but there is no response.

As the check is high value I want to attempt to encash it on due date and if it bounces I want to put 138 case, but practically to my understanding I can not submit the non-CTS check to bank for clearance in OCT 2013. Also I am not likely to get the replacement check. How can I handle such situation. Please suggest the way out. I am sure there will be some else mny bad folks will mis-use CTS implementation cycle.

Please comment.

 
Reply   
 
Advocate

As per my knowledge Non CTS cheques are valid upto 31.07.2013... Please check with your banker also.... You have to sit on the head of your party and take CTS cheques... He is your party... He gave you post dated cheques as per your agreement with him and you accepted them... Use your good offices to get replacement CTS cheque..

 
Reply   
 


advocate

when you already filed 138 what is the result you should proceed with that case and tell him to pay by cash or demand draft without that i think you have no chance only you can run through courts

because once the cheque was bounced and you filed 138 and now you say that you got post dated chque on old rules of chque while accepting you should have checked it 

i dont now wheater you have checkted it or not 

 
Reply   
 

Let me clarify again. The check that is bounced was earlier date check. I am given a post dated check of date OCT 2013. I have accepted the check an year before. Now I came to know that non CTS checks will not work. The issuer is not ready to give me replacement check.

How do I come out of trouble. There should be a legal way out considering it is clear attempt to fool others based on non CTS checks.

 
Reply   
 

non cts chqs will be valid in oct 2013 also. rbi has said that non cts chqs will have a different clearing cycle and will take more time than cts chqs for clearing of funds. rbi is supposed to review the situation in june 2013 and issue further clarifications on the matter.

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

  LAWyersclubindia Menu

CrPC MASTERCLASS     |    x