Bank put my retirement funds on hold/lien
4 years ago
Dear sir,
I have retired on august2019.I have accumulated debt of 1.8million(in indian currency) from relatives and other informal sources in last 10 years.Now finally i can pay everyone back from my govt. retirement corpus of 5.7 million.
But my Bank has put on lien/hold all my 5.7 million funds the day i received them in my account stating a housing loan tax liability of 30k.Please advise me were the bank's actions totally justified right and if i have any legal options as i have no funds left to repay my tax.
A.Dear Sir/Madam
You may get issue legal notice and then approach either civil court or High court as per your source of income
You may get issue legal notice and then approach either civil court or High court as per your source of income
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Pavan kumar Gudipati
Responded 4 years ago
A.Main Question is Why Bank held your amount as a Lien. This is Your PF and GPF. Normally That cannot hold.
Tax is separate issue, on your income. That you can pay, 30K is not a big amount.
Your borrowing is not relevant here (1.8 M)
Call me separately, I will discuss
Tax is separate issue, on your income. That you can pay, 30K is not a big amount.
Your borrowing is not relevant here (1.8 M)
Call me separately, I will discuss
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