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V.G.Rao Advocate (Advocate)     01 August 2013

Misuse of blank pronotes must be curtailed.

Hi all,

I had a sugeestion to avoid vexatious litigations in respect of claims under blank signed promissory notes or receipts, now a days so many financial institutions, financiers are obtaining blank signed pronotes and receipts from the borrowers taking advantage of thier urgency on a revenue stamps, and some of the people are misusing the same in spite of refund of the loan amount, or handing over the said blank singed pronotes to third parties for their illegal gain even after expiry of limitation by  filling more amount than original priniciple amount.

  To curtail such practice,  I had a  suggestion  that, under stamp act, for use of revenue stamp there must be a valid period for its use i.e for only one year period, and at the time of printing the revenue stamp the authorities should also mention year of printing on revenue stamp and change its design, color etc., every year. in this way we can controll not only vexatious litigations, and also  filing cases which are time barred.

suggestions if any invited.



Learning

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