Legal Question in Banking Law in India

Can a Bank cancel expired Demand Draft without revalidation?

Are there any regulations which Banks need to follow or any court judgement on cases?

Asked on 7/25/13, 11:24 pm

3 Answers from Attorneys

0 users found helpful
0 attorneys agreed

dear client...............

No bank can not cancell the expired DD ]

for details contact me at uttamtibrewal@yahoo.com

Read more
7/26/13, 2:53 am
J. Radhakrishnan independent Practice
0 users found helpful
0 attorneys agreed

Banks won't cancel on their own DDs. Issued by them.

Read more
7/26/13, 10:59 am
Fca Prashant Chavan Expert Edge LLP
0 users found helpful
0 attorneys agreed

29.07.2013

Dear Sir / Madam,

The bank is supposed to contact the A/c holder who has issued the Demand draft and credit the sum specified in the Demand Draft back to the holder's (Payer's) A/c since the validity period of the draft has expired. A Demand Draft cannot be revalidated on the same instrument. A fresh instrument has to be issued by the bank.

Regards,

Read more
7/29/13, 1:47 am

Related Questions & Answers

More Banking Law questions and answers in India

Looking for something else?

Get Free Legal Advice

8785 active attorneys ready to answer your legal questions today.

Banking Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now