Q: Is friendly loan concerning unaccounted money an offence under section 138 of negotiable instrument act, 1881 ?

Ans: Friendly loan concerning unaccounted money

Section 138 of the Negotiable Instruments Act, does not include within its purview the liability to pay an unaccounted cash amount. So, if there was a loan given which was in the form of an unaccounted cash, then it is not legally enforceable to repay it.

Sanjay Mishra v. Ms. Kanishka Kapoor

In this case, it was held by the Mumbai High Court Court that the applicant has failed to prove that the cheque issued by the respondent was in discharge of a legal liability of the loan amount, and also the respondent denied her signatures on the bill of exchange as well as the cheque and also the learned Judge had considered that the applicant acknowledged that the amount advanced was unaccounted and the same was not disclosed to the Income Tax Authority.
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