By Admin 
Bank Recovery Rules: Sometimes such errors occur in bank transactions. In which someone else’s money comes into your account. Seeing the sudden increase in balance, the first thought that comes to the mind of many people is that perhaps a refund has come or they have received something from the bank. Some people even spend money without checking. But in the eyes of law this money is not yours. Neither you have earned it, nor it has been given to you.
This is an amount which has wrongly reached your account. In such a situation, it is the responsibility of the account holder to immediately inform the bank. If a person deliberately keeps this money. Spends or refuses to return. Then the matter directly turns into a criminal offence. In which there is a provision even for jail. Know how the bank makes recovery in such a situation.
What will happen if I keep the money received by mistake?
Many people think that when the money comes into the account. So he became entitled to it. Whereas this is not at all the case. If you know that the money is not yours and still you use it for your own use. So the law considers it as criminal breach of trust. In such cases, a case is made under section 316 of the Indian Judicial Code.
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This section applies to those situations. Where a person has temporarily received someone else’s property or money and he misuses it or refuses to return it. If found guilty, the punishment can be imprisonment of up to three years, fine or both.
How does the bank make recovery?
When the bank comes to know that the amount has been transferred to some account by mistake. So first of all official notice is sent to the account holder. If the person cooperates. So the matter ends here. But if he refuses or has already spent the money. So the bank files a complaint with the police. After this, a criminal case starts under section 316 of BNS.
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After being found guilty by the court, the process of recovery starts along with the punishment. The bank can recover money from the property, bank balance, salary or other movable and immovable properties of the accused by filing a case in the civil court. That means keeping money that comes by mistake is not a small thing.
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