Is stop-payment cheque a crime Karachi?
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Section: Hire Top Lawyers in Karachi | Legal Shark Law Firm Stop payment cheque is a commonly used instrument in banking system, but recently a controversy arose in Karachi. On 02nd January 2019, an ACC official stopped Rs. 7 million in 10 days deposit cheque from the account of the complainant and told the owner that if the deposit cheque is not collected within three days, the funds will be returned. The accused then handed over the cheque to a
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Stop-payment cheques are cheques that are paid into an account, which are not fully settled. Generally, stop-payment cheques are not made when they are intended to be made, and the money remains in the drawer of the bank where they are posted. Stop-payment cheques are considered a serious crime. Under Section 291 of the Penal Code, anyone who commits the act of withdrawing money from an account through a stop-payment cheque without legal authority is held responsible for it. This is because stop-payment cheques
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Stop-payment cheques are an important financial tool for businesses to collect their dues from customers without having to wait for a check to arrive. In theory, they are meant to be used as an efficient and expedient method of settling accounts, with customers receiving their payments immediately after giving the order to make payment in advance. However, there are reports that in some parts of Pakistan, this is not the case, and in some cases, stop-payment cheques are abused by people to fraudulently obtain money from their debtors. The following is what I know
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A friend has been demanding me to come to Karachi for 3-day stay with his brother-in-law, 7th November. He has booked all necessary things on a week-day and requested me to get his documents at Karachi, which I do and then I book a flight. Meanwhile my mother comes from Hyderabad and the local police from Karachi has given me a rickety form asking for my signature to get a passport from Hyderabad for his sister’s marriage on 18th Nov. I don’t have any such
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Stop-payment cheques are considered by many as a very vulnerable means of payment. The idea behind stopping payment of cheques is to protect your money from debtors who fail to meet the stipulated deadline and fall into arrears. These cheques are issued with terms of 1-3 days or may be longer if mentioned in the face of cheque. In Karachi, stop-payment cheques are very often issued without specifying the term in which the said cheque must be honored. Now, tell about the law on stop-payment che
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Everybody must read my first-person tense essay on stop-payment cheque and Karachi. Karachi’s famous banking sector was plunged into crisis, causing immense hardship to the citizens. With the passage of time, every citizen began to think of various means and ways for relief. In such a situation, one such measure was stop-payment cheque, in which the money is stopped for a certain time frame. Karachi people began to utilize such a facility, resulting in the situation of a crisis. The demand for stop-payment cheque
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In India, stop-payment cheques were made illegal in 2009. There was an enormous demand for stop-payments for reasons such as fraud, misappropriation of funds, theft, and the non-payments of wages. The use of stop-payment cheques in India has been limited to India, and it is no longer accepted in other countries either. I am the top expert lawyer in Karachi, and I have no problem about it. visit their website You don’t need to have any experience or knowledge about this topic if you don