Legal Question in Banking Law in India

return reason

What is the exact meaning of effects not cleared present again?


Asked on 7/04/09, 1:24 am

4 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: return reason

insufficient of funds(indirectly)

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Answered on 7/04/09, 6:03 am
J. Radhakrishnan independent Practice

Re: return reason

The exact meaning is that some cheque or cheques which have been given by the drawer to his Bank for collection and credit have not yet been collected and proceeds received. If received it would be possible for honouring the cheque when presented again after it was returned with the reason mentioned in the return memo.

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Answered on 7/04/09, 9:41 am
Pranav Desai PD Legal & Associates

Re: return reason

The bank would be expecting funds. Hence present again.

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Answered on 7/07/09, 6:21 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: return reason

The drawer may have deposited some cheques/instruments which may be pending clearing and the bank may be waiting for giving credit of that amount before dealing with the check in your hands.

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Answered on 7/04/09, 1:44 am


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