This a brief information, Need a guidance how to handle this issue

780 votes

Dear Sir, Just ignore his demand because he is not honest. If you have not shared any cheque with him then he cannot do anything. It is purely a civil matter moreover you have return the amount in cash and thus you are not having any evidence having returned the said amount. Even if you pay any more amount your friend may again demand more amount. Ask him to go legally. It is not a Police case.

Advocate Kishan Dutt Kalaskar LawRato

792 votes

Once a bill has been duly issued, there arises no legitimate ground for demanding cash by buyer without raising credit note, particularly when the sale consideration has already been acknowledged through Cheque and Bills. If the transaction pertains to billtrading or discounting without actual underlying goods or services, then it is classified as a high-risk financial arrangement that may attract scrutiny under various regulatory and taxation laws, including provisions of the Income Tax Act, GST laws, or even the Prevention of Money Laundering Act if found to be dubious in nature. Engaging in such practices without adequate legal safeguards can expose individuals or entities to significant financial and legal consequences, including penalties, audits, and even prosecution. However, there are lawful remedies and compliance strategies that can be employed to mitigate these risks. If you find yourself in such a situation or foresee potential legal exposure, it is imperative to seek timely legal advice. Contact me for a comprehensive legal assessment and strategic support—I can help you navigate the complexities and safeguard your interests effectively. Reach out to Advocate M.S. Jaswanth at Phone: Seven Two Five Nine Five Zero Nine Six Five Seven.

Advocate Jaswanth Reddy LawRato