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doubt about loan recovery document
14-Jul-2023 (In Cheque Bounce Law)
good evening
I am proprietor of my concern (retail /wholesale dealer of construction material )
when I gave a credit for my customer what will I do ? for my security purpose
which document is valid for loan recovery and which is valid in court please tell me
You can transact through cheque, promissory notes, etc. and these documents are legal and enforceable. If the credit amount is huge then you can try for other options as collateral, for example movables, property documents, etc.
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Dr. S. Diraviam Dinesh
Chennai | 1000+ Answers
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online transactions is the best way to indicate that you have made some translations. to be in a safe side legally make an agreement at first, enforce it and then give a credit. simply draft an agreement and make an online payment where you can easily prove to the court that you have gave a loan.
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Adv. Adhithyan C
Coimbatore | 100+ Answers
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Dear Friend, Greetings. If You Ara a GST registration dealer not worried the above said matter, because you are issue gst invoice and the same is evidence for the supply. And extra security purpose you will obtain post dated cheque.
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Adv. Rajinikanth
Chennai | 25+ Answers
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