Legal Question in Banking Law in India
I am based in Kuwait. During the period 07-Dec-2011 to 23-Jan-2012 the US dollar exchange rate of State Bank Group was wrong. 48 days the exchange rate was wrong. During the period I made some transactions. Due to wrong exchange rate used in converting USD equivalent of foreign currency withdrawn using my ATM card from 07/12/11 to 23/01/2012, short amount was debited to my account. Now the bank wants the money back. Is there any obligation on my part to pay back the money. Now bank and police is harassing for not paying back the money.
3 Answers from Attorneys
The bank is legally entitled to demand the difference between the exchange rate debited to your account which was higher than the official rate as on that date. Better pay up that and avoid litigation.
If you are based in Kuwait then how SBI is harassing you?
Read more on Indian laws on my website www.karvai.in
State Bank is not a group and what is exchange rate of dollar was wrong . Can you explain this to get legal advice ? Please check Sanjay Kalra and Associates on the internet to know more about our law firm and the legal services rendering for our clients from all over the World.
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