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(Guest)

jeweller not returning gold

i have given a loan of 500 gms of gold to a jeweller few months back at interest of 1% pm which was also purchased from him for 15lacs in cash....which he is not returning now all i have is a blank signed undated cheque and a reciept of recieving gold whaat to do nnow....???



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 13 Replies

R.Ramachandran (Advocate)     04 January 2018

Have you got proper receipt for purchase of gold?  Have you paid GST on that?  Have you furnished your PAN Card No. while purchasing the gold by paying cash?

Please indicate (after removing the names and address if any) the contents of the receipt given by him.


(Guest)

good afternoon sir
no i purchased gold just in cash and i have not taken a bill for it neither i paid vat as gst was not applicablle then nor did i furrnish pan card details...he was our family jeweller...and a renowned name in our locality...

the reciept says
recieved 500gms of gold on loan at 1% per month ineterest rate on date arroud a year back from mr so and so  and cheque issued no also written....
please help me sir

R.Ramachandran (Advocate)     04 January 2018

This is not even a promissory note. Therefore legally it will be very difficult to recover.

However, since he has given it in writing, saying that he has taken gold on loan and given cheque, you can present the cheque in the bank.  If it gets dishonoured, then you can send him legal notice and take further steps to file complaint under section 138 of the Negotiable Instruments Act.

For this, you have to get in touch with a lawyer in your area.

 


(Guest)

SIR CANT I FILE A CASE UNDER SECTION 138 FOR CHEQUE BOUNCE AFTER DEPOSITING THE CHEQUE BECAUSE I KNOW IT WONT HONOR....
AND TO BE PRECISE I PURCHASE GOLD COINS IN JANUARY 2017 AND GAVE IT TO HIM IN APRIL 2017...
SIR PLEASE ANYTHING THAT I COULD DO TO RECOVER MY AMOUNT...
IT WOULD BE OF GREAT HELP....


(Guest)

dear sir a lawyer also told me that in section 138 also it is not a legally recoverable debt cause you have purchased it with cash...is it true..can i get in trouble in court because i dont have proof of where 15 lacs came from....

Kumar Doab (FIN)     04 January 2018

500gms of gold =1/2KG of gold.

You have posted the value of gold and that you wanted interest @1%.

Your family jeweler is not more sincere towards you.

It can be a messy issue.

Hope you have proof of source of funds.

Before you proceed further on your own, discuss in person with a senior LOCAL counsel.

If possible; resolve amicably.

1 Like

R.Ramachandran (Advocate)     04 January 2018

I have already told you you can purrsue Sec. 138 N.I. Act complaint, if the cheque gets bounced.  But you should handle the matter very carefully right from the beginning by entrusting to a capable lawyer.


(Guest)

thank you sir...:)

Kumar Doab (FIN)     04 January 2018

You are welcome.

Kumar Doab (FIN)     04 January 2018

Same Query;

https://www.lawyersclubindia.com/forum/Jeweller-not-returning-gold-158184.asp

Sudhir Kumar, Advocate (Advocate)     06 January 2018

the terms of transaction are not clear.

 

whether you just lent gold and took cheque as security

 

whether you borrowed money and pledged the gold.


(Guest)
I lent gold coins 500gms to him and took an undated cheque as security....and a reciept acknowlidging loan given to him in gold coins...

(Guest)
I lent gold coins 500gms to him and took an undated cheque as security....and a reciept acknowlidging loan given to him in gold coins...

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