Bajaj Finance Limited ., In re
Date: August 6, 2018
Subject Matter
Recovery of cheque bounce charges is made in view of toleration of the act of the client by the applicant and therefore construes as ‘supply’. AAR ruling upheld.
Summary
The AAR ruled that Cheque Bounce Charges, collected by the Appellant from their customers/borrowers in the event of dishonouring of the cheques issued by them or the failure of the payment through the ECS and other electronic means due to non availab…
BRIEF FACTS OF THE CASE A. The Appellant is a non-banking financial company and is inter alio engaged in providing various types of loans to the customers such as auto loans, loans against the property, personal loans, consumer durable goods loans, etc. All these loans are interest bearing loans. B. The Appellant, inter alio, enters into agreements with borrower/customers for providing…