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Can we give an empty cheque,empty 100rs non judicial stamp paper
07-Jan-2023 (In Documentation Law)
I am 61years old from, Visakhapatnam Andhra Pradesh, I wants to take a loan of amount Rs 2lakhs from a financier as I have to repay the 2lakhs to another person so I want to take a loan from the financier. The interest the financier said is rs 2/-. The financier said me to give empty cheques and empty 100rs non-judicial stamp paper as security. My question is can I give the empty cheques and empty stamp paper. Please suggest us, sir. It is an immediate requirement of 2lakhs for me to take.
Firstly one should read carefully the documents before he signs the same. Find out whether the financier has proper licence to lend money or if he is running chits ,find out if the chit is registered before the Registrar of chits. Any financier will request you to execute a promissory note in his favor for the amount lent to you. Anyway he will take promissory note executed by you for the amount lent by him in his favor. Do not give any empty cheque/s or sign on any black stamp paper. If the financier insists on the empty cheque/s take a written acknowledgment from the financiers that the cheques are issued for the said purpose giving full details of the loan. If loan is given to you on agreed terms and if you repay by way of instalments or discharge the entire loan see that such payments are made by cheque/s . If payment by cheque is not possible then take receipt from the financier on a revenue stamp for the amount paid in instalments or for the total amount repaid by you to avoid any future problems.
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Adv. C Hari Prasad
Nizamabad | 100+ Answers
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