NRI cheque bounce Pakistan?
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“NRI cheque bounce Pakistan? I am the top expert lawyer in karachi, If you are a foreign national, living in pakistan with an overseas bank account (NRE/NOD) or a foreigner with an overseas bank account (IFSC) with pakistan based bank, or if you are a pakistani citizen with a foreigner with pakistan based bank account, and if you were a victim of cheque bounce and you are not in a position to pay your debt, then you need legal assistance. The penalty in
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As a former NRI who grew up in Pakistan, I have seen its immigration laws and business structures. have a peek here It’s time that Pakistan gets real on immigration and start addressing the cheque bounce issue once and for all. There are several myths and facts surrounding cheque bounce in Pakistan. Most banks and businesses don’t want to handle a problem and prefer to let it die in court. Instead, the cheque bouncer is just released from jail on bail, while the banks get the cheque paid. This creates the cycle of che
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As the saying goes, “There is no one like us.” The same is true for the legal world as well. The world has grown complex, and the legal system is far too complex. If you own property in Pakistan, it is best to hire a licensed realtor to make sure that you have obtained an accurate value, the property is situated on a landmark, and that the property deed is properly registered with the local civil registry. In Pakistan, most property is mortgaged, and the lender is not entitled to repossess property that is not
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NRI cheque bounce Pakistan! A common and worrisome situation that many expats have experienced in Pakistan. It is an unfortunate situation where foreigners having valid passport and bank account in Pakistan file cheques worth millions in Pakistan, send to their families and friends, and when these cheques are returned without satisfactory reasons, the cheque bounces and the banks of Pakistan ask the NRI, in most cases, to return the cheque. The situation is further exacerbated by the fact that banks of Pakistan don’t want to lend
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“NRI cheque bounce” (Non-resident Indian cheque bounce) is one of the hard-to-talk-about legal problems of non-resident Indian (NRI) investors in Pakistan. It is a common problem in Pakistan, especially for those with property in Islamabad (or other metropolitan cities) and bank accounts with several banks in Pakistan. The NRI cheque bounce can be due to various reasons: – Incorrectly drawn cheque, for example: The drawer or payee does not match with the account
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Sure, it is an unfortunate reality for many expatriates like myself who are stuck in Pakistan due to their NRI status. I have recently received a call from a NRI with the heart-breaking news that they’ve had their cheque bounced by their bank. They were trying to collect their money through legal proceedings, but to no avail. They have been in Pakistan for years and have never had any issues with their personal accounts, but this is the first time this has happened. The frustration is palpable, as this is a real tra
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The past two weeks have been an eye-opener for foreign nationals doing business in Pakistan. Last Monday was particularly brutal, after a massive cheque bounce and a 15-year-old case which led to a major controversy. This was a case of a foreigner who has an NRI status with the Foreign Office and was doing business in Pakistan. In December 2017, we issued him a $500 cheque to a Pakistani client. The cheque bounced because the client did not pay it back.