Banking Regulation Act, 1949 — back to Table of Contents
Section 45Z. Return of paid instruments to customers
(1) Where a customer asks a banking company to return a paid instrument (such as a cleared cheque) before the retention period fixed by rules made under section 45Y has expired, the bank may not simply hand it back. It must first make and retain a true copy of all relevant parts of the instrument, using a mechanical or other process that itself ensures the copy’s accuracy, before returning the original.
(2) The bank is entitled to recover from the customer the cost of making such copies.
Explanation: For this section, “customer” includes a government department and a corporation, in addition to individuals.
Note: Part IIIB was inserted by the Banking Companies (Second Amendment) Act, 1960.
