Parvesh 17 June 2016

Recover money lent to a friend in cash

How can I get my money back from a friend (Rs 2,00,000) whom I had lent it in CASH?

I’ve the Promissory Note signed with a witness on it - On a stamp paper. And I’ve 4 post dated cheques from him (totaling the total payable amount inc. interest)

But I’m still confused to go legal, because the amount lent was in CASH and above Rs 20,000 which I think is not allowed anymore in India.

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6 Replies

adv.bharat @ PUNE (Lawyer) 17 June 2016

You can recover that amount on basis of promisery note.

On the basis of thsi you can gvie notice through lawyer for recovery of money.

THANGADURAI (Proprietor) 17 June 2016

If the post dated cheques are in live i.e with in 6 months from the date of the cheque.

You can put the cheques for collection and if he fails to honor the cheque, you can file a case at court for recover of money. Bouncing of cheque is liable for criminal case and you can get an arrest warrant against him.

(Guest)

Rightly Advised

THANGADURAI (Proprietor) 17 June 2016

Dear Mr.Parvesh,

You have given the cash Rs.2 lacs and you have to account for it. You can get advise of the auditor or show the source of that money. That is immaterial for recovery of money. You can proceed with collection of the cheques through your bank and consult an able advocate if you have to file a case against him. Good luck!

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Parvesh 17 June 2016

Got it. Thanks for your inputs. Much appreciated.

Best,