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Mallesh Reddy (Asso Vice President)     17 November 2015

Use of bank locker

X hold a Bank Locker.

1. Can X keep hard currency notes (Cash) in the Bank locker?

Bank Locker Agreement states: Hirer shall not use or permit the locker to be used for any purpose other than for deposit of documents, jewelry or other valuables.

2. Whether Cash can be considered under "other valuables"

My legal friend says: Valuables are those items which have an element of assessement to ascertain the value in the denomination of money.   Hence, money being money cannot be considered under "Valuables"

3. Whether PML Act is applicable for cash kept in Bank Lockers?  X think PML Act applies to cash movement in Bank accounts (which have audit trail).

Being serious matter, I seek thorough interpretation from top-notch professionals.

 

 



Learning

 2 Replies

Kumar Doab (FIN)     17 November 2015

Your frienis right. You have signed the agreement with your Bank.

siddhartha sinha   17 November 2015

1. Yes you may keep anything. The agreement clause you wrote works basically to indemnify the bank. So entire responsibility is yours.2. Cash is not other valuables. 3. Yes. POMLA does in fact apply to cash kept in your locker if the same has been found by enforcement directorate/i.t. department on raid with or without search warrant.

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