Good Afternoon everyone.
I have cash deposit from my debtor. he is not making payments of the goods purchased from me. can i forfeit the amount and deposit the cash in my bank account?
thanks in advance
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Forfeiture of deposit of Purchaser
Replies (5)
Do you have any agreement with the debtor for conditions in which the deposit can be forfeited?
No sir there is no agreement in written
First of all you cannot take cash deposit of more than 20K.
For forfeit of the deposit you need to send legal notice about the action to be taken against payment dues, with time limit for his action, if any.
THANK YOU SO MUCH SIR
You are welcome..
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