Vinayak maintains an account with the bank. A court attachment order for ₹ 10,000 on the account is received. State the action that will be taken in the following situations : (v) Vinayak has tendered a clearing cheque f
CS Professional · Banking - Law and Practice · PYQS · June 2018
Vinayak maintains an account with the bank. A court attachment order for ₹ 10,000 on the account is received. State the action that will be taken in the following situations : (v) Vinayak has tendered a clearing cheque for ₹ 2,000 which will be presented in clearing on next day.
Answer & Explanation:
The clearing cheque will be presented in clearing only the next day, and, therefore, it is a future credit. Thus is not attached.
Topics: Banking Law and Practice
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