Attachment order, types of deposit accounts part 1

u g gobierno que passionate atatron to start countereg artists spit face out of a player of a player of a player तो यहाँ पर गार्निशी ओर्डर कोड के द्वारा, कम्पीटेंट कोड के द्वारा इशू किया गया था लेकिन जो अटैच्मेंट ओर्डर रहता है, यह Statuary Authorities के द्वारा इशू किया रहता है यहाँ पर बैंक के पास किसी इंकम टेक्स असाइड्र रहता है अगर हम यहाँ पर इंकम टेक्स डिपार्टमेंट की बात करें, तो मालिजिए कोई इंकम टेक्स असाइड्र डिफॉल्टर है तो यहाँ पर जो IT डिपार्टमेंट है, बैंक को अटैच्मेंट ओर्डर दे सकता है इस परसन का इंकम टेक्स डिपार्टमेंट में डिफॉल्ट किया है, तो इसका पैसा यहाँ पर अटैच कर दिया जाए तो इसे हम क्या कहते हैं? इस परसन का अटैच्मेंट ओर्डर दे सकता है जहाँ पर गौर्वमेंट की जो डिउज हैं उनको रिकवर करने के लिए जो इंकम टेक्स एक्ट का सेक्शन 226 सब सेक्शन 3 है उसके तहट यहाँ पर जो असेसिंग ओफिसर है यहाँ पर जो टेक्स रिकवरी ओफिसर है उसको यह powers delegate की गई है कि वो किसी person के नाम में जो पैसा डिउ है वहाँ पर उसके नाम में जो bank है वहाँ पर भी यहाँ पर जो उसका debtor है उसको यहाँ पर order पास कर सकता है जिसके तहट recovery के लिए यहां पर adapter को कहा जा सकता है यहां पर जो bank है यहा पर यह क्या है basically यह adapter है किसका person A का इन दोनों के which में relationship क्या है यह adapter है यह creditor है यहां पर dedpter पैसे देने है यहां पर किसको प्रेडिटर को पैसे देने है ठीक है फ्रेंड्स जल्दी से इस वीडियो का जो लिंक है जितने भी ग्रुप्स में आप जुड़े हुए तो यह जो बंद यह बैंक को भी कहा जा सकता है कि आपके पास इस पर संख्या का अकाउंट है तो आप उसके पैसे को फ्रीज कर दी जाए और फर्थ उन्हें रिलीज कर दीजिए एंड फर्थ जो सिमिलर पावर्स है जो दूसरी फॉर टीज हैं उनको भी यहां पर कॉनफर्ट की गई है चाहे वह कस्टम अथॉरिटीज है चाहे इनफॉर्समेंट डिरेक्टर रेट है यहां फिर जो थॉर डिजाइन डर्स एसएस टैक्स एंड मनी लांडरिंग एक्ट उनको भी यहां पर यह पावर्स कॉनफर्ट की गई है कि वह टैचमेंट ऑर्डर्स को इशू कर सकती है ठीक है एक बार जब यह ऑर्डर जो है वह इशू कर दिया जाता है ऑथॉरिटी के दौरा ऑथॉरिटी के दौरा जो भी मेंचेंड एक्ट है उनके अंदर जब यह ऑर्डर को इशू कर दिया जाता है different departments और different authorities इनको यह पावर delegate कीए तो different acts के अंदर जब एक बार यह order issue करते जाता है तो recovery को एक बहतर तरीके से करना था यानि कि जो भी areas हैं income tax के या फिर tax के जो भी areas है गवर्नमेंट ड्यूज के appropriate जो भी areas हैं उनको recover किया जा सके And further if the bank does not comply with the attachment order, in case if the bank receives the attachment order, but the bank does not comply with these orders, then in that case the bank will be treated as the assay in default. So in that case the bank will be treated as the assay in default. Meaning that the bank will have to make payment here and the recovery will be done with the bank and the penalty will also be taken. So the bank will also take the penalty if the bank does not comply with the orders. Now if we differentiate here then there will be a better idea regarding the garnishing order and attachment order. So in the case of garnishing order, the issuing authority is not required. So the garnishing order is issued by the competent court at the request of the judgment creditor. Meaning that if we talk about two persons, then there was a judgment creditor and a judgment debtor. So here on the request of the judgment creditor, the competent court issues the garnishing order. The authorities have delegated the powers under the different acts. Like there is an income tax department, there is a sales tax department, there are custom authorities. So the attachment order can be issued by these authorities. So what is the legal provision? The garnishing order is issued under CPC that is Civil Procedure Code Section 60 Order 21 Rule 46. So the attachment order has been conferred in different acts. In which the related statutes have been conferred under the income tax act, the sales tax act, and the money laundering act. Okay further. The garnishing order is issued in two stages. We had discussed that the garnishing order is issued in two stages. Order Nisi and after that Order Absolute. In order Nisi, a judgment is taken from the bank. A description is taken from the bank that why the bank cannot release the money of the judgment debtor's account. So an explanation is asked from it. After that, the order is taken by the absolute. Whereas the attachment order is always in the absolute form. Okay. The attachment order is always in the absolute form. That is, the final judgment is issued. So the liability is a private liability of a person. Due to which the garnishing order is issued. But here in the attachment order, there are government dues. That is, there is a statutory liability to recover them. The attachment order is issued. Then what is the recovery here? The recovery is of private dues. The money that a person or an entity had to take is recovered in the case of garnishing order. But in the case of attachment order, the recovery is of government dues. In which case the recovery of government dues is in the case of attachment order. The depositor, that is, who will deposit the money, that person is called judgment debtor. That is called judgment debtor. And the person who will deposit the money here, whose account is being frozen here, we are talking about him. That is assessor in default. That is assessor in default. Okay. Here what is called the bank? In the case of garnishing order, the bank is called judgment debtor's debtor. Or garnishing is also called. Okay. So the bank is also called garnishing or judgment debtor's debtor. But in the case of attachment order, the bank is called assessor's debtor. Assessor's debtor. Okay. So the amount is also mentioned specifically. The amount here can also be specifically mentioned. If no amount is mentioned specifically, then in that case, the entire account is free. No transaction will be allowed here. But in the case of attachment order, a particular amount is specified. Okay. And further applicability to which account? Which amount? On the clear balances available in the account at the time of the receipt. That is, it is available on the clear balances. What does clear balances mean? Suppose there is a check that is currently showing in the shadow balance. Okay. So after clearing that check, the balance that will remain, its applicability will be made there. But if the cash payment is going to be made, then if the cash payment is not made there, then its applicability is made before that. But if your check is checked in clearing, if the shadow balance is being made now, then in that case, the clear balance will be made on it. But the attachment order that remains, it is applicable in subsequent balances as well. That is an important point. So we had read this thing that in the garnishing order, at the time when the garnishing order was received and the amount was balanced in the account, let's say, the amount was balanced in the account, suppose, it was 10,000 rupees, then it will be applied on it. If later 20,000 rupees are also made to be deposited, then the garnishing order was of 50,000 rupees. So this 20,000 rupees that is mentioned will not be applicable on it. But in the case of attachment order, the money that was given earlier, they have applicability. If the money that is deposited later, their applicability will be made on them as well. That is, the attachment order will remain applicable there as well. The attachment order will remain applicable there as well. Okay. So, the next thing is the limitation period. So, in the case of garnishing order, the limitation period is 12 years. And in the case of attachment order, the limitation period is 30 years. That is, what does it mean to say? If you have received the garnishing order on 1st of January 2010, then if the dues do not recover, then how long will its liability be on the bank? How long will it be on the liability bank? 1st of January 2010. Till 2022. 1st of January 2022. Okay. Till then, this liability will remain on the bank. Okay. So, when will the liability be over? Here, the judgment adapter is there. Here, the judgment adapter is there. Here, the money is deposited here to the person. And the competent court is here. Here, the relief letter is given to the bank. So, in that case, the liability of the bank will be over here. Otherwise, if the liability has not been over, then 1st of January 2012. So, the bank will have to comply with the garnishing order till 2022. And in the case of attachment order, what is the time period? 30 years. The time period is 30 years. And these subsequent balances, the subsequent credits, are applicable on them too. That is, the balance in the account will remain applicable on it first. But the money that will be deposited later will also be applicable on it. Then, deposits are covered in both cases. Whether it is demand or time deposit, both cases are covered. Further, if you see the law of set-off and appropriation, then here, the set-off and appropriation, that is applicable, is superior. The right of set-off and right of appropriation is superior. That means, the bank can first recover its dues. After that, it is said that joint accounts order in single name. If there is a joint account and the order is garnishing order in single name, garnishing order in single name, in the name of person A, but the account is the joint account of AB, whether it is a former survivor or either survivor, okay, any account, then there will be no applicability. Because here we read that in the case of garnishing order, it should be in the same capacity and order. It should be in the same capacity and order. But in the case of attachment order, this is not the case. In the case of attachment order, if the person A has attachment order in his name, and the joint account of AB is here, then attachment order here considers that the balance in the account, the balance in the account, half of both of them, that is, proportionate right, proportionate right, if the balance in the account is 1 lakh, then here the balance of 50,000 belongs to A, and the balance of 50,000 belongs to B. Even if there is a former survivor relation, even if the definition of the former survivor is that the person, the first person, that is, the former person, will operate the same account and the survivor of this person's former death will be able to operate this account. But in the case of attachment order, that is also not considered. The main thing that matters here is that the balance is equal to both of them. What is equal to both of them? It is equal to both of them and that depends upon the number of account holders. How many account holders are there? So if there are 3 account holders, then one will be divided between all three. If there are 10 account holders, then one will be divided between all 10. Okay? So here, in the case of joint accounts, also applicability is made. Then it is joint accounts order in same name. If there is a joint account, then the order is in same name. So there, there, applicable to the amount of the order, whatever is the amount of the order, it will be applicable on that. In both cases, this thing is correct. That is, the amount of the order received, you will block the amount of that only. You will not block more amount. Then it is order in the name of company or trustee. If the order of trustee is in whose name? You have it in the name of trustee. Okay? What do you have? The order is in the name of trustee. And the account you have is in the name of the company. So what will you do? It is in the name of trustee. So in that account, here, applicability will not be made. Wherever there is a representative account, there applicability will not be made. Whether it is your attachment order, whether it is a garnishing order. Further, in the case of diseased account, it is applicable in both cases. Because the liability is previously created. The liability is previously created liability. So here, in the case of diseased account, it will be applicable in both. But in solving this, in the case of insolvent account, where the account holder has been declared as Diwali, there will be no applicability in both cases. Further, the undrawn CC, undrawn CC means the portion of the unutilized cash credit, both cases will not be applicable in both cases. Further, the unutilized limit against FDR, there the balance amount FDR, applicability will be made on it. That is, the part which is not considered as margin or security, there applicability can be made. But where FDR is collateral security, there both will not be applicable. So we had already covered this concept in yesterday's video, that what is primary security, what is collateral security. So if we talk about preference, if attachment order and garnishing order both are received at the same time, if attachment order, if attachment order and garnishing order are received at the same time, then at that time, then at that time, the preference will be given to the attachment order. So the attachment order will be given preference at that time. Let me hide this user over here, okay, done. So that was regarding the garnishing order and attachment order. So if both are received, then to whom preference will be given? Attachment order will be given preference. Attachment order will be given preference over the garnishing order. Okay. But the rights of the banker, the rate of set-off or the appropriation, both of these are superior. That is, the bank gets the right first, that it can apply these rights. Further after that, further after that, it will look at the attachment order or garnishing order. It will comply according to that. Okay. What I mean to say is that if the bank's dues are there, the bank has balance in the savings, 20,000. The balance in the savings is 20,000. And the bank has a term loan of 1% also. And the same savings balance is 20,000. And you have received the garnishing order or the attachment order, what amount is it? 15,000. You have received the attachment order of 15,000. Okay. So in this case, the bank will recover the dues in the term loan first, after that, the attachment order or garnishing order will be seen. How to deal with them. Okay. So that was regarding the preferences. So that was regarding the attachment order and garnishing order. We have done it in a lot of detail. So you will not have to read more than this for the bank promotions. After that, let's talk regarding the operating instructions in the joint account. Operating instructions. So here, many candidates have confusion. So let's go through them quickly here. So if you want to open the account, then whether it is either survivor, former survivor, joint account, of more than 2 persons, all the persons will have signatures. All the persons will have signatures. And if we talk regarding the stop payment of cheque, then stop payment, counter bond, anyone can do it. Anyone can do it. But in the case of former survivor, in the case of former survivor, only the former can do the stop payment of cheque. See this point carefully here. In the case of former survivor, only the former can do it. Who can do stop payment? But here, if you see in other cases, in the case of either survivor or joint account, then anyone here is an account holder, he can give the account stop payment instructions here. Further, regarding the closing of the account, closing of the account, here in the case of former survivor, if the former does it alone, then it will remain genuine. So it will remain correct. But if it is either survivor or joint account, then in that case, all the signatures are required. All account holders need all the signatures. In the same case, the account can be closed. Then it is regarding making or cancellation of nomination. If you want to cancel the nomination or if you want to do a new nomination in the account, then in that case, all the account holders will have all the signatures, only then you can change the nomination or you can add a new nomination. Then it is regarding the attachment order. So in the case of attachment order, we have already read that it is either survivor account, whether it is former survivor account, whether it is joint account, it will be considered that all account holders, their equal payment, means the money which is there in the account, the credit balance, all account holders have equal rights on it. Whether it is former survivor, whether it is either survivor, or whether it is your joint account. Okay. Then it is regarding the payment of maturity. Payment on maturity either survivor, if we talk about fixed deposit, if we talk about term deposit account, where the instructions are of either survivor. So if we want to pay on maturity, then either or survivor, any one of the two person, the payment can be given here. Here, any person in either survivor, here, on maturity, anyone can be paid here. Likewise, if we say here, A and B here, in either survivor operations, they opened an FDR. Now this FDR, which is term deposit, it has matured, then upon maturity, on maturity, the FDR, anyone can take the payment of its balance. Anyone can take from A or B. Okay. But payment before maturity, if you want to take payment before maturity, then in that case, the depositors, they will have to sign both of them. They will have to sign both of them. So in that case, the signatures of both of the account holders to be obtained, of both of the account holders to be obtained, if you have to pay under either survivor operations instructions, if you have to take premature payment, then both of them will have the signatures. And further, if one of the depositors, in either survivor, if we say that the person died of A, then if you have to take premature payment here, then how will it happen? Premature payment will not be given. Premature payment will not be given. Likewise, if A did not die here, then B alone will not be able to take premature payment. Along with B, the legal hair of A, both of them can take premature payment here. But B alone, cannot take the premature payment here. Premature payment is not possible. Premature payment cannot be taken here. Okay. Then, after that, regarding the premature withdrawal for former and survivor. When we talk about former and survivor, then where the mandate is, that is, former and survivor, where the mandate is of former and survivor, then in the case of matured account, only the former can take the payment. That means, where both the depositors are alive, in that case, the former, the matured, can take the payment alone. But in the case of premature, both the signature signs are necessary. Whether the account operation is of former and survivor, what does this account operation mean? That the former who is alive, will operate the account. Okay. Whether it is a former or survivor operation, in that case too, if you have to take premature payment here, if you have to take premature payment, then both the signatures will be there, then only you will get the payment. And further, and further, if there is maturity, then in that case, the former can take the payment alone. And further, if it is said that the former expires before the maturity, if the former expires before the maturity of the fixed or term deposit, that is, if it is a premature case, then in the case of premature, if the survivor says here, that you should pay me alone, you should pay me prematurely, then there, then there, the survivor, he will take the deposit, he can take the deposit alone on the maturity, but if there is a premature withdrawal, and the survivor, here the former has died, suppose the former has died, and now the FDR is not mature, then in that case, the survivor will be able to take payment with the legal hair of the diseased, will be able to take payment with the legal hair of the diseased, otherwise he will not be able to take the payment. Okay. Then after that, it comes regarding the premature withdrawals. Premature withdrawals. So, if the joint account depositors prefer to allow premature withdrawal of the fixed or term deposit, also in accordance with the mandate of either survivor or former or survivor. That means, where the joint depositors are, they want that, as their operations are going on in the account, in the case of either survivor or in the case of former survivor, okay, in the same way, if the term deposit has to be premature, if the term deposit has to be premature, then in that case also, the same operations should be carried out, according to the same accordance. That means, if there is either survivor, then it should be according to either survivor, if there is former survivor, then it should be according to the former survivor. It means that, if there is a joint FDR of A and B, with either survivor operation, and if it has to take a premature payment, then here, what is the buy rule? That both of them will be signed by A and B, but A and B wants that, even if only one person signs, then also, premature payment should be obtained. Okay. So, in that case, the bank can do this, but in that case, the bank will have to take a joint mandate for a specific purpose. For this purpose, here, the account holders will have to take a joint mandate. Joint mandate will be necessary here. If they give the mandate to the bank, that in the case of premature, it should be dealt in the same way, then in that case, the bank has no problem. In that case, the bank has no problem, because the bank has already done its homework to end the legal actions. Okay. So, that was regarding the operations in the account. After that, let's talk about the different types of deposit accounts. Different types of deposit accounts. So, first of all, let's talk about individual accounts. Individual accounts. So, here, section 11 of the Indian Contract Act says that, that any person who is major, that is, whose age is 18 or 18 plus, and he is of sound mind, and he has not been disqualified in any way by law, that he does not enter the contract. That means that the first condition is that he is major. The second condition is that he is of sound mind. The third condition is that no competent court has disqualified him in any law, that he cannot be included in any kind of contract here. Or that he is not insolvent. Okay. So, if these conditions are fulfilled, then the person can open his account here. He can open his account there. Whether the person is a minor, then the major is told that he can open his account, but the guidelines of the Reserve Bank of India, the guidelines of the Reserve Bank of India, that they have allowed under the provision of the Negotiable Instrument Act of Section 26, that the minor is allowed to open his account, he can negotiate there, he can endorse the instruments there, okay. He will bind all the parties, but he will not bind himself. He will not bind himself. After that, let's talk regarding the joint account. So, where two or more competent persons want to open their joint account, then there are operational instructions there. If they are clear, that which persons will operate the account, then they can be allowed to operate the account there. Okay. So, here are some instructions that should be clear. Likewise, who will operate the account? Or if a person dies, then in his case, the payment will be done according to some way. If these instructions are clear, then the joint account is allowed to be opened here. So, these instructions are already well managed, so joint account can be easily opened. So, now here comes the matter regarding, can the minor open this joint account? Can the joint account be opened? Can the minor open this joint account here? Absolutely. That is, the two minors can open joint account together. That is, the person A is also a minor and the person B is also a minor. So, both can open joint account together here. But there are some conditions in it. The first thing is that the age of both is more than 10 or equal to 10. That is, more than 10 or equal to 10. Okay. What is the second condition? Both should be literate. Literate should be written. Literate means that they can do smooth signatures. And third one it is regarding that they should belong to the same family. They should belong to the same family. So, if these three conditions are satisfied here, then two minors can be allowed to open the joint account here. Two minors can be allowed to open the joint account. Okay. So, after that, it comes regarding the Hindu Undivided Family, that is, HUF. HUF or JHF. That is, Joint Hindu Family. So, Hindu Undivided Family, that is, HUF. So, Hindu Undivided Family or Joint Hindu Family are not in any scope of Act. They are not in any scope of Act. That is, you understand it this way that there is an ancestral business. Ancestral business means the business of fathers and grandfathers that is going on from behind. Now, that business or that property to be managed, the HUF that is created to manage that business or that property, that is, the business or that property is created. And according to that, the business and property are decided according to the basis of the Hindu Succession Act. Okay. So, HUF that is managed by the eldest person. Why am I not saying the male member here? Because the provisions regarding this have changed. The latest amendments in the Hindu Succession Act, under that, the female members have the same rights. They also have the same rights as of the male members. They also have similar rights like the male members. So, here, the male and female, the eldest member, they can both become the HUF. So, the eldest male or female member, that would be the HUF. What does HUF mean? The one who will manage the entire property here. The one who will manage the entire property here, the one who will manage the entire property here, will be the doer. Okay. So, the latest amendments of the Hindu Succession Act, according to that, the female members of HUF, they have the same rights, exactly the same rights as the male members have. Now, the thing is, this is the doer who is the eldest person. Whether male or female. Now, what are the other persons, the other adult members, what are they called? They are called co-parsners. They are called co-parsners. They are called co-parsners. They are called co-parsners. Okay. Then, there is no restriction on the number of co-parsners. That means, there can be any number of co-parsners. And further, the co-parsner is not the agent of the other co-parsner. And third is regarding, if we talk about the co-parsner, let's say, the doer issued a cheque. The doer issued a cheque. So, can the co-parsner, any co-parsner, can he stop this cheque? Can he stop this cheque? So, the answer is no. So, here, the co-parsner, cannot stop the cheque issued by the doer. He cannot stop it. Until and unless, the doer has given a mandate here. He has given authority here to some co-parsner, particularly, that he gives a mandate, gives a right to the co-parsner, that further, he can get the cheque stopped. If no right has been given, if no right has been confirmed, then generally, if we say, then the co-parsner cannot get the cheque stopped. So, now, let's read regarding the powers of the doer. What can the doer do? Powers of the doer. So, the first thing is that, the doer can take any kind of debt here. That means, the doer on behalf of the HUF, he can take any kind of debt. Further, he can execute any kind of documents. He can pledge securities on behalf of his family business. And further, to do this, the co-parsners do not need any kind of consent. To do this, he does not need the consent of the co-parsners. That means, the other male, female, major members, adult members, they do not need consent here. Okay? The next is, the doer's liability is unlimited. That is important. That is important. What is the liability of the doer? That is unlimited. But the co-parsners, their share in the property, they are only liable to that limit. This means, let's say, this is the entire property. This circle is the entire property of the HUF. Okay? So, here, there are four members. A, B, C, D. A, B, C, D. And here, A does what? So, the liability of A is unlimited. The liability of A is unlimited. What does the meaning of the Unlimited liability mean? That is, A's share in the property will also be liable. The share in the property will also be liable. And along with that, the doer, he is also liable personally. That is, his personal share, his asset will also be liable. But the rest of the co-parsners here, the rest of the co-parsners here, their liability will be only that much as their share in this property. That is, only this much part of them will be liable. Their personal assets will not be liable here. Okay? This is the reason that whenever banks give loans to the HUF, when credit is given to the HUF, then all the co-parsners should also be executed by them. They should also be executed by them. If the signatures of the co-parsners are also done on the loan documents, then their personal liability is also made. So their personal liability is also made. And further, an important fact regarding whenever, regarding whenever, whenever, what is done here? Whenever there is a minor here, whenever there is a minor here, then in the case of minor existing, in the case of minor existing, the data of the minor, the bio data, that is, its date of birth, will be maintained by the bank. So that whenever this minor is, whenever this minor attains the majority, then a fresh set of documents can be signed here. So thank you so much, Shazia Zareen ji. Thank you so much for supporting us. Thank you for your love and support. So here you have to remember these two points. You have to remember these two points here that in the case of ABCD, the co-parsners will also have signatures on the loan documents and further, further, the minor will be maintained through the data bank. So if the signatures are made, then their personal liability of the co-parsners is a

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