Recovery through award of LOK ADALAT

Recovery through award of Lok Adalat is the easiest and fastest mode of recovery. The literal meaning of Lok Adalat is people’s Court. The concept comes under the ‘Alternative Disputes Redressal Mechanism’ like arbitration, conciliation etc. The pre-litigation up to Rs.20 lacs and suit filed accounts where plaint amount does not exceed Rs.20 lacs can be…

What is the meaning of ‘cooling period’ in collection of foreign currency cheques?

Foreign currency cheques A foreign currency cheque is one in which cheque amount is denominated in foreign currency like US Dollar, EURO, GBP, JPY etc. The personal -cheque, cashier cheque, travellers’ cheque, demand-draft etc. which are denominated in foreign currency are payable/ drawn on a bank outside India. Cash Letter Arrangement For collection of foreign…

How banks process Home loan applications?

(The following article examines the documents required to the bank in respect of borrower’s profile and property to be purchased. It also provides the requirement of the bank with the list of  Property related documents for building /Construction of the individual house on an open plot or purchase of flat/constructed property and common requirement for sanction…

SWIFT Financial messages: authentic and universal

The SWIFT financial messages are trusted as the most authentic and universal financial messages worldwide. SWIFT financial message is also the most convenient and fastest medium through which banks can meet customer’s requirements to send and receive messages to and from any country. Reasons for trusting SWIFT messages by banks and financial institutions: SWIFT stands…