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  • Obligations of A Banker

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    Krishna D
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    A banker has several key obligations including honoring customers' checks, complying with court orders to garnish funds from judgment debtors' accounts, maintaining secrecy of customer accounts, and handling accounts of customers who have died, become insolvent, insane, or whose accounts are unremunerative. Bankers must also monitor high value transactions and foreign exchange to comply with anti-money laundering and tax laws.

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    A banker has several key obligations including honoring customers' checks, complying with court orders to garnish funds from judgment debtors' accounts, maintaining secrecy of customer accounts, and handling accounts of customers who have died, become insolvent, insane, or whose accounts are unremunerative. Bankers must also monitor high value transactions and foreign exchange to comply with anti-money laundering and tax laws.

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    6 views3 pages

    Obligations of A Banker

    Uploaded by

    Krishna D
    A banker has several key obligations including honoring customers' checks, complying with court orders to garnish funds from judgment debtors' accounts, maintaining secrecy of customer accounts, and handling accounts of customers who have died, become insolvent, insane, or whose accounts are unremunerative. Bankers must also monitor high value transactions and foreign exchange to comply with anti-money laundering and tax laws.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
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    of 3

    Obligations of a Banker

    Honouring customer’s cheques ( sec 31 of N I Act 1881 )

    Garnishee order – order of the court obtained by


    judgement creditor attaching funds of judgement debtor
    or garnishee.( Banker’s book evidence act 1891)

    Attachment and prohibitory order issued by Income-tax


    authorities, as per IT Act 1961

    Obligation to maintain secrecy of the accounts

    Banker’s liability in case of wrongful dishonour of


    cheques
    Obligations of a banker
    Death of a customer

    Claims on deceased depositor’s accounts

    Nomination under sec 45z of B R Act 1949

    Insanity of the customer ( contract is disqualified


    under Indian Contract Act 1872 )
    Obligations of a Banker
    Insolvency of the customer
    Closure of undesireable / unremunerative
    accounts
    Monitoring of high value and suspicious
    transactions
    Monitoring of high value foreign exchange
    transactions

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