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1 - 6 of 6 (0.27 seconds)The Code of Civil Procedure, 1908
Section 131 in The Negotiable Instruments Act, 1881 [Entire Act]
Indian Overseas Bank vs Industrial Chain Concern on 7 November, 1989
In Indian Overseas Bank (supra), the Supreme Court has held that
there must be sufficient connection between opening of the account and
collection of a cheque before a defence under Section 131 of the Negotiable
Instruments Act, 1881, could be held to be barred. The relevant observations
Signature Not Verified
Digitally Signed By:AMIT
BANSAL
Signing Date:11.07.2023
CS(COMM) 180/2017 17:34:05 Page 23 of 33
contained in paragraph 26 of the judgment are set out below:
The Kerala State Co-Operative ... vs State Bank Of India And Ors on 30 January, 2004
(2) The banker, however, may claim protection from such normal
liability provided he fulfils strictly the conditions laid down in
Section 131 or Section 131-A of the Act and one of those
conditions is that he must have received the payment in good faith
and without negligence.
Dr. N.G. Dastane vs Mrs. S. Dastane on 19 March, 1975
"Introduction not Mandatory for opening accounts - Before
implementation of the system of document-based verification of
identity, as laid down in PML Act/Rules, introduction from an
existing customer of the bank was considered necessary for
opening of bank accounts. In many banks, obtaining of introduction
for opening of accounts is still a mandatory part of customer
acceptance policy even though documents of identity and address
as required under our instructions are provided. This poses
difficulties for prospective customers in opening accounts as they
find it difficult to obtain introduction from an existing account
holder.
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