These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
this ppt is very much useful for the students pursuing First year in B.COM for the Company Law subject. Specially the students of Saurashtra University.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
this ppt is very much useful for the students pursuing First year in B.COM for the Company Law subject. Specially the students of Saurashtra University.
A Bill Of Exchange is an instrument in writing containing an unconditional order, signed by the maker , directing a certain person to pay a sum of money only to or to the order of a certain person or to the bearer of the instrument
A Bill Of Exchange is an instrument in writing.
It must be signed by the maker.
It contains an unconditional order.
The order must be to pay money and money only.
The sum payable must be specific.
The amount must be paid within a stipulated time.
The name of the drawee must be clearly mentioned.
It must be dated and stamped.
Negotiable Instruments Act 1881
Significance of negotiable instruments
Features of negotiable instruments
Cheque Meaning
Types of Cheque
MICR – Meaning
Crossing
Crossing of Cheque
Holder in due course
Payment in due course
Endorsement
Paying Banker
Dishonour of Cheque
Statutory protection to a paying Banker
Material Alteration
Statutory protection in case of a Materially altered Cheque
Collecting Banker
Duties and Liabilities of Collecting Banker
Protection of Collection Banker
These future transaction (credit) done with help of documents called as Negotiable Instruments. The word Negotiable means ‘transferable by delivery’ & the word Instrument means ‘written document’. types of negotiable instruments like cheque and its types, promissory notes and its features and bill of exchange. endorsement and it types. crossing of cheque.
It is quite obvious that coronavirus has somewhat brought the economy to a halt for a certain time and the government across countries are trying every bit possible to revive it. COVID-19 has affected all organizations and economies as apparent from the steep decrease in demand and supply of products, social distancing and termination of commercial contracts due to failure in performing contractual obligations.
It is quite obvious that coronavirus has somewhat brought the economy to a halt for a certain time and the government across countries are trying every bit possible to revive it.
Similar to GARNISHEE ORDER & ATTACHMENT ORDER.pdf (20)
Financial statements are written records that convey the business activities and the financial performance of a company.
Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.
CDD information comprises the facts about a customer that should enable a bank to assess the extent to which the customer exposes it to a range of risks.
The Consumer Protection Act, 2019 has been enacted for the purpose of providing timely and effective administration and settlement of consumer disputes and related matters.
RBI issued updated guidelines on ‘Co-Lending Model’ in November 05, 2020
“co-origination of loans” by banks and NBFCs for lending to the priority sector. “The arrangement entailed joint contribution of credit at the facility level by both lenders as also sharing of risks and rewards” the RBI said
Public Provident Fund or PPF Account benefits are discussed in Hindi as per updated RBI Guidelines 2019. How to open a PPF account online or in Post Office, 10 years Interest Rate Chart, PPF Maturity Chart and other PPF rules regarding withdrawal, eligibility, maturity period etc. are discussed in detail. PPF account can be opened in a Post Office or an Authorized Bank like Bank of India, SBI, PNB, ICICI Bank, HDFC Bank, Axis Bank etc.
DAY - NRLM (DAY - National Rural Livelihoods Mission) 'राष्ट्रीय ग्रामीण आजीव...Abinash Mandilwar
Complete scheme norms of DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission) Schemes as per latest RBI guidelines. Important topic for JAIIB/CAIIB Exam and Banking awareness for bankers. Please like, share and comment on the video and subscribe the channel.
AML & KYC Guidelines in Bank | Anti-Money Laundering for JAIIB Exam | Bank Pr...Abinash Mandilwar
This video is based on RBI Master Circular on Prevention of Money Laundering Act, (PMLA) 2002 dated 25/02/2016 (Updated up as on 12 July 2018). This is very helpful for preparation of JAIIB Exam, Bank Promotion Exam & Bank PO Exam ( Banking Awareness). Please like, Share and Subscribe the channel. Your valuable comment for improvement is always welcome. For details You may purchase my JAIIB books online. https://www.amazon.in/s?k=abinash+man...
Follow me on twitter @amandilwar (Abinash Mandilwar)
This video is prepared on the basis of RBI Master Circular on Customer Service. The topic ‘Nomination facility in bank’ is very useful for Bank promotion JAIIB Exam and Bank PO Examination. Please like, share the video and subscribe the channel. Your valuable comments are always solicited. If you want video on any banking topics, please suggest in the comment box.
Priority Sector Lending in India | भारत में प्राथमिकता क्षेत्र ऋण | Priority ...Abinash Mandilwar
Priority Sector Lending is very important topics for banking knowledge. This video is based on latest RBI guidelines. It is useful for JAIIB/CAIIB Exam, Bank Po Exam and Bank promotion. Don't forget to like share and comment the video. If you want video on any banking topics, suggest me in the comment box. For details you may refer my book on JAIIB. https://www.flipkart.com/search?q=abi...
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
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#US
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Cotton in Nike Apparel
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Cold Cement Assembly Nike
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Nike Logistics and Transport
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
2. A Garnishee Order is an order issued by court under
provisions of Order 21, Rule 46 of the Code of Civil Procedure,
1908.
The concept of ‘Garnishment’ has been introduced in civil
procedure code by the amendment Act, 1976 and is a
remarkable piece of legislation.
This term has been derived from the French word ‘garnir‘
which means to warn or to prepare.
3. In simple words the garnishee is the person who is
liable to pay a debt to a debt to judgment debtor or
to deliver any movable property to him.
Besides Judgment Debtor and decree Holder,
Garnishee is a third person in whose hands debt of
the judgment debtor is kept.
4. Garnishee Order is an order passed by an
executing court directing or ordering a garnishee
not to pay money to judgment debtor since the
latter is indebted to the garnisher (decree holder).
It is an Order of the court to attach money or
Goods belonging to the judgment debtor in the hands
of a third person.
5. A default judgement is usually obtained by a creditor either
when a debt has gone unpaid, you haven’t been able to come
to any agreement with the creditor about repaying the debt,
or other alternative debt collection avenues have been
exhausted.
If a garnishee order is made against you, then your bank,
financial institution, or employer will likely be notified rather
than you.
6. The payment made by the garnishee into the court
pursuant to the notice shall be treated as a valid
discharge to him as against the judgment debtor.
The court may direct that such amount may be paid
to the decree holder towards the satisfaction of the
decree and costs of the execution.
7. The bank upon whom the order is served is called Garnishee.
The depositor who owes money to another person is called
judgement debtor. Features of the Garnishee Order are as
under;
Garnishee Order applies to existing debts as also debts
accruing due i.e. SB/CD, RD/FD Accounts.
Garnishee Order applies only to those accounts of Judgement
Debtor which have credit balance.
8. The relationship between bank and judgement debtor is of debtor and
creditor.
Bank is the debtor of Judgement Debtor who is a creditor of the bank.
Garnishee Order does not apply to money deposited subsequent to receipt of
Garnishee Order.
It also does not apply to cheques sent for collection but yet to be realized.
But if credit was allowed in the account before realization with power to
withdraw to customer, Garnishee order will be applicable on this amount.
9. Garnishee Order does not apply to unutilized portion of overdraft
or cash credit account of the borrower as no debt is due to
judgement debtor.
For example, if limit is Rs 4 crore and outstanding is debit Rs 3 crore,
Garnishee order is not applicable on the balance Rs 1 crore.
Bank can exercise right of set off before applying Garnishee Order.
Garnishee Order is applicable only if both debts are in same right
and same capacity.
10. Garnishee Order issued in a single name does not apply to
accounts in the joint names of judgement debtor with another
person(s).
But if Garnishee Order is issued in joint names, it will apply to
individual accounts also of the same debtors.
When Garnishee Order is in the name of a partner it will not apply
to partnership account but when Garnishee Order is in the name of
firm, accounts of individual partners are covered.
11. If amount is not specified in the order, then it will be applicable
on the entire balance in the account. However, if it is for specific
amount, the cheques can be paid from the balance available after
setting aside the amount as mentioned in the Garnishee Order.
Not applicable on fixed deposits taken as security for some loan.
If loan given against fixed deposits, applicable on the amount
after adjusting the loan.
12. Where neither the garnishee makes the payment into the court, as
ordered, nor appears and shows any cause in answer to the notice,
the court may order the garnishee to comply with such notice as if
such order were a decree against him.
The costs of the garnishee proceedings are at the discretion of the
court.
Orders passed in garnishee proceedings are appealable as Decrees.
13. Income Tax Authorities Issue Attachment Orders in terms of Section
226(3) of Income Tax Act, 1961. On receipt of this order, banker is required
to remit the desired amount to income tax authorities. An Attachment
Order without mentioning the amount is not a valid order.
Attachment Order is different from Garnishee order in following respects:
Attachment order applies to money deposited in the account after
receipt of order also till it is fully satisfied whereas Garnishee order
does not apply to subsequent deposits.
14. Attachment Order in single name applies to joint accounts also
proportionately unless the contrary is proved whereas Garnishee
order in single name does not apply to joint accounts. However, right
of set off is available to bank before applying the order.
In case banker fails to comply with Attachment Order, it will be liable
for the amount of order and deemed as an assesses in default.
When both Garnishee Order and Attachment Order are received
simultaneously, priority should be given to Attachment Order.
15. COMPARISON OF GARNISHEE ORDER & ATTACHMENT ORDER
Particulars Garnishee Order Attachment Order
Issuing Authority Competent Court of Law Income Tax Department
Under which Act
Order 21, Rule 46 of the Code of
Civil Procedure, 1908.
Section 226(3) of Income Tax
Act, 1961
Depositor called Judgement debtor Assessee
Bank called Judgement debtor’s debtor Assessee debtor
Issued to recover Recover of Private Due Recover of Statutory due
Amount May be mentioned specifically. Mentioned clearly in the Order.
Applicable to
(Amount)
On clear balance available with the
garnishes at time of receipt of
order.
Amount in the account at the
time of receiving order and
future credit also attachable.
16. COMPARISON OF GARNISHEE ORDER & ATTACHMENT ORDER
Particulars Garnishee Order Attachment Order
Applicable to (account)
All demand deposit and Time
deposit account.
All demand deposit and Time
deposit account.
Right of set off
Available for lawful and due
debts
Available for lawful and due debts
Joint accounts, order single
name
Not Applicable Applicable pro-rata basis.
Order in Partnership’s name
and account in partner’s name
Applicable Applicable
Joint account, order same
joint names
Applicable Applicable
Order in name of partner,
trustee, executor, liquidator,
director of a company, etc
Not applicable for accounts in
name of firm, trust, company i.e.
accounts in fiduciary capacity
etc.
Not applicable for accounts in
name of firm, trust, company i.e.
accounts in fiduciary capacity etc.
17. COMPARISON OF GARNISHEE ORDER & ATTACHMENT ORDER
Particulars Garnishee Order Attachment Order
Order in name of
partnership/ company.
Individual Account of partner/
director is attachable.
Individual Account of partner/
director is attachable.
Deceased Applicable. Applicable
Insolvent Not applicable Not applicable
Undrawn CC or OD limit Not applicable Not applicable
FDR as collateral security Not applicable Not applicable
Failure to comply the order Contempt of court Assessee in default
Preference of Order, if
received simultaneously or
is pending for payment
Attachment order will have the
preference over Garnishee Order.
However, bankers right of set-off is
superior.
Attachment order will have the
preference over Garnishee
Order. However, bankers right of
set-off is superior.