Monday, 8 March 2021

Property disputes due to demonetisation

 Property prices have gone for a dip after the current demonetization plans announced by the government recently. In the wake of this, many property dealings also suffered, mainly the ones which had cash as the payment option.

Many have the misconception that even though they have paid their money in full cash,the demonetisation news means their money is no longer valid. A common myth is that the seller will not accept the old notes and the buyer will have to get the notes exchanged to carry on the property transaction.

If the payment has been made prior to 8th November 2016, midnight, the money has to be accepted by the buyer and in no case whatsoever, can the seller refuse to accept your cash and ask you to get it changed. It is his duty now, to get the cash changed as they are not legal tender anymore.

But, the dealing that have to be made post the demonetisation announcement, has to be made only via cash in the form of the new notes and cheque.

Advocate Jaspreet Singh Rai explains how do resolve property deals stuck due to demonetisation.

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