Foreign bank cheque dishonour Karachi?
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“Ever since I started practicing as a lawyer here in Karachi I have seen many instances of Cheque Dishonour. As such, I would like to share my experience in the following essay. Whenever a Cheque is presented in my firm as a demand draft, I will examine it thoroughly and verify its genuineity. If it is presented from an unknown source, I will initiate a procedure to recover the money. I do not have any hard feelings to the drawer of the Cheque; however, he/she will lose that money and be left with
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One of the most common financial crimes that happen in the country is foreign bank cheque dishonour. A cheque that bounces back is called a foreign bank cheque. If it is an overseas cheque that bounces back, it is called a banker’s cheque. But this is a common type of fraud. This happens when an account of a business or a company is credited with the payee’s account while the cheque is from a foreign bank in another country. If the account credited with the payee’
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Foreign bank cheque dishonour (FBCH) is one of the most devastating forms of cheque dishonour that most banks and corporate houses are struggling to contain these days. It involves a loss to the payer which is often more than the actual amount on the cheque, since many cheques have been accepted before the actual amount has cleared the account. The FBCH phenomenon, particularly in recent times, has raised grave concerns as it has the potential to destabilize the economy. Read Full Report The lawyers, bankers, accountants and
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Foreign bank cheque dishonour Karachi? I know how that can ruin your life! The banks of Pakistan have been dealing with foreign cheque transactions for over two decades now. However, the situation has become more complicated with the advent of internet banking and mobile payments. A cheque has now become more popular as an instrument for transferring money from one person to another. It is a simple, quick, and hassle-free way of making money transfer to someone who lives or is not in Pakistan. The situation has become such that
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The foreign bank cheque dishonour in Karachi is the worst, that has made it unbearable. The banks are overcrowded and they don’t have enough manpower to handle the volume of work that comes to their doors. Many times they refuse to accept a cheque without a receipt for any reason. The money has to wait to be refunded to the customer and sometimes they delay the amount for days. The bank officials also tell you that you are not entitled to any amount and that it will only be refunded if you have to
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Foreign bank cheque dishonour is a serious matter, with serious consequences. It is very sad when we hear about such things in Karachi. The case is a classic example of how a foreign banking entity is involved in such frauds in our country. The fraudsters send a fake foreign cheque to a particular person who is an authorized signatory (SA) in that bank account. The signature on this fake cheque is genuine, but the drawee bank (the bank from which the money is drawn) receives it on the same day