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Laws- Protection to paying Banker Negotiable Instrument Act 1881 JAIIB Legal aspects of Banking



The negotiable instruments Act 1881 lays down the rules relating to payment of customers cheque and various subsections deal with the protection available to the paying Banker. When customer deposits money with the bank, the customer is creditor and bank is a debtor. Therefore whenever the customer demands back the money, the bank has the duty to pay back the money, in default of such payment, must compensate the drawer for any loss or damage. The bank has to honour the cheque provided, the cheque is properly drawn, duly signed by the maker and there should be "properly available fund" in his account. The funds may not be available to pay the cheque if:-
a) the banker has exercised his right of set off for amounts due from the customer or
b) there is an attachment order from court, Income Tax officer or any other lawful authority restraining the bank from paying the money. GET 3000+ JAIIB PREVIOUS YEAR QUESTIONS, Study Notes, Videos
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