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Loan In cash

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 April 2010 What are the implications of giving a friendly loan in cash? Is it legally recoverable? What are the implications in cases under Negotiable instruments act section 138?
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Rasesh

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Rasesh (Expert)
21 April 2010 At the outset, to prove that the amount was a loan, you need some confirmation in writing. The implications under NI Act, will come into picture only after the person has given you an NI and that he dishonours it.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 April 2010 AGREE WITH RASESH JI.
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CA Shiv

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CA Shiv (Expert)
22 April 2010 agree.
you need some document in writing... and if you have any NI than its good... ask for some cheque or anything.. may be post dated atleast to have a written document and proof...
ALso for safety get anything in mail or some document from him...If possible
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