We had received a cheque from a client dated 1st of August, Which was deposited in a branch with the teller at 11Am on the 1st of August, however the cheque is still not posted in the account till now (usually when we deposit the cheque shows up in the clearing funds). Assuming this cheque is going to clear in 2 days, we had given cheques for our suppliers which retruned (bounced) beacuse of insufficient funds. When we check the RBI funds clearing process, the cheque has to clear within T+2 days.
We are new start up firm and never had a single cheque bounce and are extremely dissapointed with this. When we check with the bank (phone banking and my accounts manager). They do not give same information, One person says its a bank error whereas my accounts manager says that since it is outstation cheque it will take 7 - 10 days to clear (cheque is from Mangalore, whereas our account is in bangalore and the cheque was deposited in bangalore). When the cheque was deposited even i had mentioned my mobile number on the deposit slip if there was any issue but no update too...
Could anyone advice us what we can do to ensure we are compensated for the delay in funds clearing or if it is true that as per RBI that it takes 7 days. Here it is already been T+3 days with no clue of our cheque. I will be going to the deposited branch tomorrow, However this situation has affected our credibility and trust which we built with our supplier (we are new start up firm). Please advice us if we can file a consumer complaint, if yes please advice us the details or sections under which we can claim any action and compensation.
Thanks,
Subash
CAclubindia
